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SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
X	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
	Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person* Restrepo William J (Last) (First) (Middle) C/O NABORS CORPORATE SERVICES, INC. 515 W. GREENS RD., SUITE 1200 (Street) HOUSTON TX 77067 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol NABORS INDUSTRIES LTD [ NBR ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) Former Chief Financial Officer
	3. Date of Earliest Transaction (Month/Day/Year) 01/01/2026
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/01/2026		M(1)		17,105(1)	A	$0	128,434	D
Common Stock	01/01/2026		F(2)		4,343(2)	D	$54.3	124,091	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
2021 Warrants	$166.6666							06/11/2021	06/11/2026	Common Stock	44,212		44,212	D
2025 Performance Share Units	(3)	01/01/2026		A(4)		17,105(4)		(3)	(3)	Common Stock	17,105	$0	17,105	D
2025 Performance Share Units	(3)	01/01/2026		M(1)			17,105(1)	(3)	(3)	Common Stock	17,105	$0	0	D

Explanation of Responses:

1. Reflects the number of shares vesting on January 1, 2026 in respect of the 17,105 earned and vested Performance restricted stock units originally granted on January 1, 2025.

2. Reflects the number of shares surrendered on January 1, 2026 to satisfy the tax withholding on the vesting and issuance of 17,105 shares of the 17,105 Performance restricted stock units originally granted on January 1, 2025. The remaining 12,762 vested performance shares were retained by Mr. Restrepo.

3. Performance restricted stock units convert into common shares on a 1-for-1 basis.

4. These Performance restricted stock units were earned by Mr. Restrepo pursuant to his employment agreement and the terms therein upon his qualifying retirement on October 1, 2025 as Chief Financial Officer, based on the achievement of certain objectives for the year 2025, as determined on December 31, 2025, by the Compensation Committee. 185.78% of the target number of performance restricted stock units granted pursuant to the terms of Mr. Restrepo's employment agreement were determined to have been earned, subject to proration to reflect the partial year of employment. The number reported above reflects the number of earned performance restricted stock units, prorated through September 30, 2025, that are payable in share-settled restricted stock units. The Performance restricted stock units that settle in shares are scheduled to fully vest, in accordance with Mr. Restrepo's employment agreement, on the first anniversary of the date of grant, January 1, 2026.

	/s/ Mark D. Andrews by Power of Attorney for William Restrepo	01/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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