Sec Form 4/A Filing - VARDE PARTNERS INC @ NABORS INDUSTRIES LTD - 2025-06-04

FORM 4/A 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., 520 MADISON AVE, 34TH FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 06/04/2025 (Street) NEW YORK, NY10022 4. If Amendment, Date Original Filed (MM/DD/YY) 07/22/2025 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

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 Option (Obligation to sell) ( 1 ) 07/18/2025 E 3,745 06/04/2025 07/18/2025 Common Shares 374,500 $ 0 0 I See footnotes ( 2 ) ( 3 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other VARDE PARTNERS INC C/O VARDE PARTNERS, INC. 520 MADISON AVE, 34TH FLOOR NEW YORK, NY10022 X Varde Investment Partners (Offshore) Master, L.P. C/O VARDE PARTNERS, INC. 520 MADISON AVE, 34TH FLOOR NEW YORK, NY10022 X Varde Credit Partners Master, L.P. C/O VARDE PARTNERS, INC. 520 MADISON AVE, 34TH FLOOR NEW YORK, NY10022 X VARDE INVESTMENT PARTNERS LP C/O VARDE PARTNERS, INC. 520 MADISON AVE, 34TH FLOOR NEW YORK, NY10022 X Varde Skyway Master Fund, L.P. C/O VARDE PARTNERS, INC. 520 MADISON AVE, 34TH FLOOR NEW YORK, NY10022 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 09/02/2025 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 09/02/2025 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 09/02/2025 Signature of Reporting Person Date The Varde Skyway Master Fund, L.P. By: Varde Skyway Fund G.P., L.P., 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 09/02/2025 Signature of Reporting Person Date Varde Partners, Inc. /s/ Andrew Malone, GC 09/02/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )This amendment is being filed solely to report disgorgement by the Reporting Persons to the Issuer, pursuant to Rule 16b-6(d), of $833,738, representing the aggregate premiums received for writing call options that, as reported on the Form 4 filed by the Reporting Persons on July 22, 2025 (the "Original Form 4"), expired within six months of writing. In this regard, 2,743 NBR US Call 35 option contracts written by the Reporting Persons with a VWAP of $248 (not $249 as reflected in the Original Form 4) and 1,002 NBR US Call 40 option contracts written by the Reporting Persons with a VWAP of $153 (not $154 as reflected in the original Form 4), expired on July 18, 2025, which was within six months of writing. ( 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 G.P., L.P. ("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 Credit Partners UGP, VIP UGP, and Skyway UGP. Varde Partners, Inc. ("General Partner") is the general partner of VPLP. ( 3 )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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