| Item 1. | |
| (a) | Name of issuer:
Nabors Industries Ltd. |
| (b) | Address of issuer's principal executive offices:
Crown House, 4 Par-La-Ville Road, Second Floor, Hamilton, HM08, Bermuda, 0000 |
| Item 2. | |
| (a) | Name of person filing:
This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons":
(i) Varde Investment Partners (Offshore) Master, L.P.;
(ii) Varde Credit Partners Master, L.P. ("Credit Partners");
(iii) Varde Investment Partners, L.P.;
(iv) The Varde Skyway Master Fund, L.P.; and
(v) Varde Partners, Inc. ("General Partner"). |
| (b) | Address or principal business office or, if none, residence:
The principal business address of each Reporting Person is 350 N Fifth Street, Suite 800, Minneapolis, MN 55401. |
| (c) | Citizenship:
See responses to Item 4 on each cover page. |
| (d) | Title of class of securities:
Common shares, $.05 par value per share |
| (e) | CUSIP No.:
G6359F137 |
| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) |  Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (i) | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
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| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
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| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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| Item 4. | Ownership |
| (a) | Amount beneficially owned:
See responses to Item 9 on each cover page.
The reported percentages are calculated based on 14,561,171 Common Shares outstanding as of October 27, 2025 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on October 31, 2025 (which amount does not include 1,161,283 Common Shares held by subsidiaries of the Issuer). The reported amount gives effect to sales that occurred after September 30, 2025.
Credit Partners directly holds 749,318 Common Shares, representing 5.15% of the outstanding Common Shares. Varde Credit Partners G.P., L.P. ("Credit Partners GP") is the general partner of Credit Partners, and Varde Credit Partners UGP, LLC ("Credit Partners UGP") is the general partner of Credit Partners GP. Therefore, Credit Partners GP and Credit Partners UGP may be deemed beneficial owners of the securities held directly by Credit Partners.
Varde Partners, L.P. ("VPLP") is the managing member of Credit Partners UGP. The General Partner is the general partner of VPLP. Bradley Bauer ("Mr. Bauer") is the Chief Executive Officer of the General Partner. Therefore, VPLP, the General Partner and Mr. Bauer may be deemed beneficial owners of the securities held directly by the Credit Partners.
The filing of this statement on Schedule 13G (this "Statement") shall not be construed as an admission that any of the Reporting Persons or other persons referenced in this Item 4(a) are, for the purposes of Section 13(d) and/or Section 13(g) of the Act, the beneficial owner of any securities covered by this Statement. |
| (b) | Percent of class:
See responses to Item 11 on each cover page hereto and the information set forth in Item 4(a) above. |
| (c) | Number of shares as to which the person has:
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| | (i) Sole power to vote or to direct the vote:
See responses to Item 5 on each cover page.
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| | (ii) Shared power to vote or to direct the vote:
See responses to Item 6 on each cover page.
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| | (iii) Sole power to dispose or to direct the disposition of:
See responses to Item 7 on each cover page.
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| | (iv) Shared power to dispose or to direct the disposition of:
See responses to Item 8 on each cover page.
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| Item 5. | Ownership of 5 Percent or Less of a Class. |
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| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
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Not Applicable
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| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
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Not Applicable
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| Item 8. | Identification and Classification of Members of the Group. |
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Not Applicable
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| Item 9. | Notice of Dissolution of Group. |
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Not Applicable
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Rule 13d-1(c)