SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Nabors Industries Ltd.

(Name of Issuer)

Common shares, $.05 par value per share

(Title of Class of Securities)

G6359F137

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No.

G6359F137

Names of Reporting Persons

Varde Investment Partners (Offshore) Master, L.P.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

0 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

G6359F137

Names of Reporting Persons

Varde Credit Partners Master, L.P.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

0 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

G6359F137

Names of Reporting Persons

Varde Investment Partners, L.P.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

0 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

G6359F137

Names of Reporting Persons

The Varde Skyway Master Fund, L.P.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

0 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

G6359F137

Names of Reporting Persons

Varde Partners, Inc.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

0 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

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.; (iii) Varde Investment Partners, L.P.; (iv) The Varde Skyway Master Fund, L.P.; and (v) Varde Partners, Inc.

(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);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(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);

(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:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Item 4.

Ownership

(a)

Amount beneficially owned:

See responses to Item 9 on each cover page. The reported amounts give effect to dispositions in January 2026, after which the Reporting Persons ceased to beneficially own any Common Stock.

(b)

Percent of class:

See responses to Item 11 on each cover page.

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

See responses to Item 5 on each cover page.

(ii) Shared power to vote or to direct the vote:

See responses to Item 6 on each cover page.

(iii) Sole power to dispose or to direct the disposition of:

See responses to Item 7 on each cover page.

(iv) Shared power to dispose or to direct the disposition of:

See responses to Item 8 on each cover page.

Item 5.

Ownership of 5 Percent or Less of a Class.

Ownership of 5 percent or less of a class

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

Not Applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Varde Investment Partners (Offshore) Master, L.P.

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Investment Partners G.P., L.P., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Investment Partners UGP, LLC, its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, L.P., its Managing Member
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, Inc., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	Andrew Malone/General Counsel
Date:	01/21/2026

Varde Credit Partners Master, L.P.

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Credit Partners G.P., L.P., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Credit Partners UGP, LLC, its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, L.P., its Managing Member
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, Inc., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	Andrew Malone/General Counsel
Date:	01/21/2026

Varde Investment Partners, L.P.

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Investment Partners G.P., L.P., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Investment Partners UGP, LLC, its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, L.P., its Managing Member
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, Inc., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	Andrew Malone/General Counsel
Date:	01/21/2026

The Varde Skyway Master Fund, L.P.

Signature:	/s/ Andrew Malone
Name/Title:	By: The Varde Skyway Fund G.P., L.P., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: The Varde Skyway Fund UGP, LLC, its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, L.P., its Managing Member
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	By: Varde Partners, Inc., its General Partner
Date:	01/21/2026

Signature:	/s/ Andrew Malone
Name/Title:	Andrew Malone/General Counsel
Date:	01/21/2026

Varde Partners, Inc.

Signature:	/s/ Andrew Malone
Name/Title:	Andrew Malone/General Counsel
Date:	01/21/2026

Comments accompanying signature: Exhibit A Joint Filing Agreement, dated as of March 18, 2025 incorportated herein by reference.

Amendment: SEC Form SCHEDULE 13G/A filed by Nabors Industries Ltd.