Form 4 for NBR NABORS INDUSTRIES LTD
Accepted 2025-07-22 00:00:00 ET · period of report 2025-06-04 · accession 0000950170-25-097698 · SEC index · Original document
Summary rows
Aggregated the way they appear in lists: one row per insider, transaction code and security table.
| X | Filed | Traded | Ticker | Insider | Title | Type | Price | Qty | Owned | ΔOwn | Value |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DI | 2025-07-22 | 2025-07-18 | NBR | Varde Investment Partners (Offshore) Master, L.P. | 10% | X - OptEx | $30.00 | -295.5K | 1.72M | -15% | -$8.87M |
| DI | 2025-07-22 | 2025-07-18 | NBR | Varde Investment Partners (Offshore) Master, L.P. | 10% | X - OptEx | $0.00 | -2,955 | 3,745 | -44% | $0 |
| DI | 2025-07-22 | 2025-07-18 | NBR | Varde Investment Partners (Offshore) Master, L.P. | 10% | E - Exp Short | $0.00 | -3,745 | 0 | -100% | $0 |
| DI | 2025-07-22 | 2025-06-04 | NBR | Varde Investment Partners (Offshore) Master, L.P. | 10% | S - Sale | $247.00 | -6,700 | 6,700 | -50% | -$1.65M |
Purchase Sale Sale after option exercise All abbreviations
Every reported transaction
| # | Table | Security | Date | Code | A/D | Shares | Price | Owned after | Own | Exercise / expiry | Underlying | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Common | Common Shares | 2025-07-18 | X | D | 295,500 | $30.00 | 1,718,430 | I See footnotes | — | — | (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 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. (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. (F3) (Continued from footnote 2) Mr. Bauer is the Chief Executive Officer of the General Partner. Therefore, each of the foregoing may be deemed beneficial owners of the reported securities. (F1) After giving effect to the options execercied and sales reported in this Statement, the common shares are directly held as follows: 126,310 by Varde Investment Partners (Offshore) Master, L.P., 923,304 by Varde Credit Partners Master, L.P., 370,505 by Varde Investment Partners, L.P., 298,311 by the Varde Skyway Master Fund, L.P. |
| 2 | Derivative | Option (Obligation to sell) | 2025-07-18 | X | D | 2,955 | $0.00 | 3,745 | I See footnotes | — · 2025-06-04 to 2025-07-18 | 295,500 Common Shares | (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 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. (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. (F3) (Continued from footnote 2) Mr. Bauer is the Chief Executive Officer of the General Partner. Therefore, each of the foregoing may be deemed beneficial owners of the reported securities. (F1) After giving effect to the options execercied and sales reported in this Statement, the common shares are directly held as follows: 126,310 by Varde Investment Partners (Offshore) Master, L.P., 923,304 by Varde Credit Partners Master, L.P., 370,505 by Varde Investment Partners, L.P., 298,311 by the Varde Skyway Master Fund, L.P. (F5) The reported securities represent July 18, 2025 expiry call option contracts sold between June 4, 2025 and July 1, 2025. The reported price represents a variable weighted average price per contract ("VWAP"), which reflects (i) 2,995 NBR US Call 30 7/17/25 option contracts written with a VWAP of $276, which were exercised as reported herein, and (ii) 2,743 NBR US Call 35 option contracts written with a VWAP of $249 and 1,002 NBR US Call 40 option contracts written with a VWAP of $154, each of which expired as reported herein. The Reporting Persons undertake to provide to the Issuer, any security holders of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the specific prices and number of option contracts sold on each date. |
| 3 | Derivative | Option (Obligation to sell) | 2025-07-18 | E | D | 3,745 | $0.00 | 0 | I See footnotes | — · 2025-06-04 to 2025-07-18 | 374,500 Common Shares | (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 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. (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. (F3) (Continued from footnote 2) Mr. Bauer is the Chief Executive Officer of the General Partner. Therefore, each of the foregoing may be deemed beneficial owners of the reported securities. (F1) After giving effect to the options execercied and sales reported in this Statement, the common shares are directly held as follows: 126,310 by Varde Investment Partners (Offshore) Master, L.P., 923,304 by Varde Credit Partners Master, L.P., 370,505 by Varde Investment Partners, L.P., 298,311 by the Varde Skyway Master Fund, L.P. (F5) The reported securities represent July 18, 2025 expiry call option contracts sold between June 4, 2025 and July 1, 2025. The reported price represents a variable weighted average price per contract ("VWAP"), which reflects (i) 2,995 NBR US Call 30 7/17/25 option contracts written with a VWAP of $276, which were exercised as reported herein, and (ii) 2,743 NBR US Call 35 option contracts written with a VWAP of $249 and 1,002 NBR US Call 40 option contracts written with a VWAP of $154, each of which expired as reported herein. The Reporting Persons undertake to provide to the Issuer, any security holders of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the specific prices and number of option contracts sold on each date. |
| 4 | Derivative | Option (Obligation to sell) | 2025-06-04 | S | D | 6,700 | $247.00 | 6,700 | I See footnotes | — · 2025-06-04 to 2025-07-18 | 670,000 Common Shares | (F5) The reported securities represent July 18, 2025 expiry call option contracts sold between June 4, 2025 and July 1, 2025. The reported price represents a variable weighted average price per contract ("VWAP"), which reflects (i) 2,995 NBR US Call 30 7/17/25 option contracts written with a VWAP of $276, which were exercised as reported herein, and (ii) 2,743 NBR US Call 35 option contracts written with a VWAP of $249 and 1,002 NBR US Call 40 option contracts written with a VWAP of $154, each of which expired as reported herein. The Reporting Persons undertake to provide to the Issuer, any security holders of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the specific prices and number of option contracts sold on each date. (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 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. (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. (F3) (Continued from footnote 2) Mr. Bauer is the Chief Executive Officer of the General Partner. Therefore, each of the foregoing may be deemed beneficial owners of the reported securities. (F1) After giving effect to the options execercied and sales reported in this Statement, the common shares are directly held as follows: 126,310 by Varde Investment Partners (Offshore) Master, L.P., 923,304 by Varde Credit Partners Master, L.P., 370,505 by Varde Investment Partners, L.P., 298,311 by the Varde Skyway Master Fund, L.P. |