纳伯斯工业 2025年度报告

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.YES☐NO☒ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. YES☒NO☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to file such reports).YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reportingcompany. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule12b-2 of theExchange Act. LargeAcceleratedFiler☐AcceleratedFiler☒Non-acceleratedFiler☐SmallerReportingCompany☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YES☐NO☒ The aggregate market value of the 13,917,410 common shares held by non-affiliates of the registrant outstanding as of the last business day ofour most recently completed second fiscal quarter, June30, 2025, based on the closing price of our common shares as of such date of $28.02 per share asreported on the New York Stock Exchange, was $389,965,828. Common shares held by each officer and director and by each person who owns 5% or moreof the outstanding common shares have been excluded in that such persons may be deemed affiliates. This determination of affiliate status is notnecessarily a conclusive determination for other purposes. The number of common shares outstanding as of February 6, 2026 was 14,673,186 excluding 1,161,283 common shares held by oursubsidiaries, or 15,834,469 in the aggregate. DOCUMENTS INCORPORATED BY REFERENCE Specified portions of the definitive ProxyStatement to be distributed in connection with our 2026 Annual General Meeting of Shareholders (PartIII). NABORS INDUSTRIESLTD.Form10-K Annual ReportFor the Year Ended December31, 2025 Table of Contents PARTI Item1.BusinessItem1A.Risk FactorsItem1B.Unresolved Staff CommentsItem1C.CybersecurityItem2.PropertiesItem3.Legal ProceedingsItem4.Mine Safety Disclosures PARTII Item5.Market Price of and Dividends on the Registrant’s Common Equity, RelatedShareholder Matters andIssuerPurchases of Equity Securities34Item6.[Reserved]36Item7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations36Item7A.Quantitative and Qualitative Disclosures About Market Risk45Item8.Financial Statements and Supplementary Data48Item9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure93Item9A.Controls and Procedures93Item9B.Other Information94Item 9C.Disclosure regarding Foreign Jurisdictions that Prevent Inspections94PARTIIIItem10.Directors, Executive Officers and Corporate Governance95Item11.Executive Compensation95Item12.Security Ownership of Certain Beneficial Owners and Management and RelatedShareholder Matters95Item13.Certain Relationships and Related Transactions and Director Independence95Item14.Principal Accounting Fees and Services96PARTIVItem15.Exhibits, Financial Statement Schedules97Item 16.Form 10-K Summary97 CORPORATE INFORMATION Our internet address iswww.nabors.com. We make available free of charge through our website ourannual report on Form10-K, quarterly reports on Form10-Q, current reports on Form8-K, Proxy andInformation Statements and amendments to those reports filed or furnished pursuant to Section13(a),14(a)or 15(d)of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as soon asreasonably practicable after we electronically file such material with, or furnish it to, the Securities andExchange Commission (the “SEC”). Reference