Sec Form 3 Filing - VARDE PARTNERS INC @ NABORS INDUSTRIES LTD - 2025-03-11

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person VARDE PARTNERS INC 2. Issuer Name and Ticker or Trading Symbol NABORS INDUSTRIES LTD [ NBR] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O VARDE PARTNERS, INC., 350 N FIFTH STREET, SUITE 800 3. Date of Earliest Transaction (MM/DD/YY) 03/11/2025 (Street) MINNEAPOLIS, MN55401 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 Shares 2,013,928 ( 1 ) I See footnotes ( 2 ) ( 3 ) ( 4 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other VARDE PARTNERS INC C/O VARDE PARTNERS, INC. 350 N FIFTH STREET, SUITE 800 MINNEAPOLIS, MN55401 X Varde Investment Partners (Offshore) Master, L.P. C/O VARDE PARTNERS, INC. 350 N FIFTH STREET, SUITE 800 MINNEAPOLIS, MN55401 X Varde Credit Partners Master, L.P. C/O VARDE PARTNERS, INC. 350 N FIFTH STREET, SUITE 800 MINNEAPOLIS, MN55401 X VARDE INVESTMENT PARTNERS LP C/O VARDE PARTNERS, INC. 350 N FIFTH STREET, SUITE 800 MINNEAPOLIS, MN55401 X Varde Skyway Master Fund, L.P. C/O VARDE PARTNERS, INC. 350 N FIFTH STREET, SUITE 800 MINNEAPOLIS, MN55401 X Bauer Bradley C/O VARDE PARTNERS, INC. 350 N FIFTH STREET, SUITE 800 MINNEAPOLIS, MN55401 X Signatures 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 03/18/2025 Signature of Reporting Person Date Varde Credit Partners Master, L.P. By: Varde Credit Partners G.P., L.P., its GP By: Varde Credit Partners UGP, LLC, its GP By: Varde Partners, L.P., its Managing Member By: Varde Partners, Inc., its GP /s/ Andrew Malone, GC 03/18/2025 Signature of Reporting Person Date Varde Investment Partners, 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 03/18/2025 Signature of Reporting Person Date The Varde Skyway Master Fund By: Varde Skyway Fund GP LP, its GP By: The Varde Skyway Fund UGP LLC, its GP By: Varde Partners, L.P., its Managing Member By: Varde Partners, Inc., its GP /s/ Andrew Malone, GC 03/18/2025 Signature of Reporting Person Date Varde Partners, Inc. /s/ Andrew Malone, GC 03/18/2025 Signature of Reporting Person Date /s/ Bradley Bauer 03/18/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )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. ( 2 )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, ( 3 )(Continued from footnote 2) Skyway GP, Skyway UGP, the General Partner and Mr. Bauer may be deemed beneficial owners of the reported securities. ( 4 )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.

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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