VARDE PARTNERS INC - 11 Mar 2025 Form 3 Insider Report for NABORS INDUSTRIES LTD (NBR)

Role: 10%+ Owner
Signature: Varde Investment Partners (Offshore) Master, L.P. By: Varde Investment Partners G.P., L.P., its GP By: Varde Investment Partners UGP, LLC, its GP By: Varde Partners, L.P., its Managing Member By: Varde Partners, Inc., its GP /s/ Andrew Malone, GC
Issuer symbol: NBR
Transactions as of: 11 Mar 2025
Net transactions value: $0
Form type: 3
Filing time: 18 Mar 2025, 16:15:09 UTC
Next filing: 02 Sep 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	NBR	Common Shares						2,013,928	11 Mar 2025	See footnotes	F1, F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The common shares, par value $0.05 of the Issuer ("Common Shares") are directly held as follows: 190,022 by Varde Investment Partners (Offshore) Master, L.P., 974,358 by Varde Credit Partners Master, L.P., 477,937 by Varde Investment Partners, L.P., 371,611 by the Varde Skyway Master Fund, L.P.
F2	Varde Investment Partners G.P., L.P. ("VIP GP") is the general partner of each of Varde Investment Partners (Offshore) Master, L.P. and Varde Investment Partners, L.P., and Varde Investment Partners UGP, LLC ("VIP UGP") is the general partner of VIP GP. Varde Credit Partners G.P., L.P. ("Credit Partners GP") is the general partner of Varde Credit Partners Master, L.P., and Varde Credit Partners UGP, LLC ("Credit Partners UGP") is the general partner of Credit Partners GP. The Varde Skyway Fund GP LP ("Skyway GP") is the general partner of The Varde Skyway Master Fund, L.P., and The Varde Skyway Fund UGP LLC ("Skyway UGP") is the general partner of Skyway GP. Varde Partners, L.P. ("VPLP") is the managing member of VIP UGP, Credit Partners UGP, VIP UGP, and Skyway UGP. Varde Partners Inc. ("General Partner") is the general partner of VPLP. Mr. Bauer is the Chief Executive Officer of the General Partner. Therefore, VPLP, VIP GP, VIP UGP, Credit Partners GP, Credit Partners UGP,
F3	(Continued from footnote 2) Skyway GP, Skyway UGP, the General Partner and Mr. Bauer may be deemed beneficial owners of the reported securities.
F4	Each of the Reporting Persons disclaims beneficial ownership except to the extent of their pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any Reporting Person is the beneficial owner of any or all of the reported securities for the purposes of Section 16 or for any other purpose.