William J. Restrepo - 01 Jan 2026 Form 4 Insider Report for NABORS INDUSTRIES LTD (NBR)

Role: Former Chief Financial Officer
Signature: /s/ Mark D. Andrews by Power of Attorney for William Restrepo
Issuer symbol: NBR
Transactions as of: 01 Jan 2026
Net transactions value: -$235,825
Form type: 4
Filing time: 05 Jan 2026, 09:02:42 UTC
Previous filing: 12 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Restrepo William J	Former Chief Financial Officer	C/O NABORS CORPORATE SERVICES, INC., 515 W. GREENS RD., SUITE 1200, HOUSTON	/s/ Mark D. Andrews by Power of Attorney for William Restrepo	05 Jan 2026	0001334321

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NBR	Common Stock	Options Exercise	$0	+17,105	+15%	$0.000000	128,434	01 Jan 2026	Direct	F1
transaction	NBR	Common Stock	Tax liability	$235,825	-4,343	-3.4%	$54.30	124,091	01 Jan 2026	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NBR	2025 Performance Share Units	Award	$0	+17,105		$0.000000	17,105	01 Jan 2026	Common Stock	17,105		Direct	F3, F4
transaction	NBR	2025 Performance Share Units	Options Exercise	$0	-17,105	-100%	$0.000000	0	01 Jan 2026	Common Stock	17,105		Direct	F1, F3
holding	NBR	2021 Warrants						44,212	01 Jan 2026	Common Stock	44,212	$166.67	Direct

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

William J. Restrepo is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	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.
F2	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.
F3	Performance restricted stock units convert into common shares on a 1-for-1 basis.
F4	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.