NBR-A Nabors Industries Ltd

FORM 4 [ ] 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 OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * Restrepo William J	2. Issuer Name and Ticker or Trading Symbol NABORS INDUSTRIES LTD [ NBR ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                    _____ 10% Owner __X__ Officer (give title below)    _____ Other (specify below) Chief Financial Officer
(Last)          (First)          (Middle) C/O NABORS CORPORATE SERVICES, INC., 515 W. GREENS RD., SUITE 1200	3. Date of Earliest Transaction (MM/DD/YYYY) 1/1/2023
(Street) HOUSTON, TX 77067 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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
Common Stock	1/1/2023		M(1)		2886 (1)	A	$0	104584	D
Common Stock	1/1/2023		F(2)		1136 (2)	D	$154.87	103448	D
Common Stock	1/1/2023		A(3)		10196 (3)	A	$0	113644	D
Common Stock	1/2/2023		F(4)		753 (4)	D	$154.87	112891	D
Common Stock	1/2/2023		F(5)		921 (5)	D	$154.87	111970	D
Common Stock	1/2/2023		D(6)		4398 (6)	D	$0	107572	D
Common Stock	1/2/2023		F(7)		1915 (7)	D	$154.87	105657	D
Common Stock	1/4/2023		M(8)		3423 (8)	A	$0	109080	D
Common Stock	1/4/2023		F(9)		1347 (9)	D	$148.55	107733	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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		7. Title and Amount of Securities Underlying Derivative Security (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
2022 Performance Share Units	(10)	1/1/2023		A (11)		8659 (11)		(10)	(10)	Common Stock	8659	$0	8659	D
2022 Performance Share Units	(10)	1/1/2023		M (1)			2886 (1)	(10)	(10)	Common Stock	2886	$0	5773	D
2021 Warrants	$166.6666	1/2/2023		A (12)		1303 (12)		6/11/2021	6/11/2026	Common Stock	1303	$0	42014	D
2021 Performance Share Units	(10)	1/4/2023		M (13)			3423 (13)	(10)	(10)	Common Stock	3423	$0	3422	D
2021 Warrants	$166.6666	1/4/2023		A (14)		1368 (14)		6/11/2021	6/11/2026	Common Stock	1368	$0	43382	D

Explanation of Responses:
(1)	Reflects the number of shares vesting on January 1, 2023 in respect of the 8,659 earned and vested Performance units originally granted on January 1, 2022.
(2)	Reflects the number of shares surrendered on January 1, 2023 to satisfy the tax withholding on the vesting and issuance of 2,886 shares of the 8,659 Performance restricted stock units originally granted on January 1, 2022. The remaining 1,750 vested shares were retained by the executive.
(3)	Represents an award of TSR shares that will only vest at the end of a three-year performance period (January 1, 2023 to December 31, 2025) based on the Issuer's relative total shareholder return as compared to a peer group of companies. The number of shares reported represents the maximum that may be earned, which is 200% of the target number. No number of shares is guaranteed to vest and the actual number of shares that will vest at the end of the performance period may be anywhere from zero to the amount stated.
(4)	Reflects the number of shares surrendered on January 2, 2023 to satisfy the tax withholding on the vesting of 2,830 shares of the 8,494 Performance shares originally granted on January 2, 2020. The remaining 2,077 vested shares were retained by Mr. Restrepo.
(5)	Reflects the number of shares surrendered on January 2, 2023 to satisfy the tax withholding on the vesting of 3,258 Performance restricted stock units of the 9,776 Performance restricted stock units earned on January 2, 2021. The remaining 2,337 vested Performance shares were retained by Mr. Restrepo.
(6)	Represents the number of TSR shares forfeited on January 1, 2023, out of a total of 9,774 TSR shares originally granted to Mr. Restrepo on January 2, 2020, based on the Issuer's relative total shareholder return as compared to a peer group of companies during the three-year performance period beginning on January 1, 2020 and ending on December 31, 2022, as determined on December 31, 2022, by the Compensation Committee of the Issuer's Board of Directors (the "Compensation Committee").
(7)	Reflects the number of shares surrendered on January 1, 2023 to satisfy the tax withholding on the vesting of 5,376 TSR shares earned out of a total of 9,774 TSR shares originally granted to Mr. Restrepo on January 2, 2020, based on the Issuer's relative total shareholder return as compared to a peer group of companies during the three-year performance period beginning on January 1, 2020 and ending on December 31, 2022, as determined on December 31, 2022 by the Compensation Committee. The remaining 3,461 earned and vested shares were retained by Mr. Restrepo.
(8)	Reflects the number of shares vesting on January 4, 2023 of the 10,267 earned Performance units settled in shares originally granted on January 4, 2021.
(9)	Reflects the number of shares surrendered on January 4, 2023 to satisfy the tax withholding on the vesting of 3,423 shares of the 10,267 Performance restricted stock units originally granted on January 4, 2021. The remaining 2,076 vested shares were retained by Mr. Restrepo.
(10)	Performance Share Units convert into common shares on a 1-for-1 basis.
(11)	These Performance restricted stock units were earned by Mr. Restrepo pursuant to his employment agreement based on the achievement of certain objectives for the year 2022, as determined on December 31, 2022, by the Compensation Committee. 187.0% 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 to date. The number reported above reflects the number of earned performance restricted stock units that are payable in share-settled restricted stock units. The remaining 7,533 performance restricted stock units were settled in cash pursuant to the terms of the applicable award agreement. The Performance restricted stock units that settle in shares are scheduled to vest in three (3) equal annual installments beginning on the first anniversary of the date of grant, January 1, 2023.
(12)	These warrants were earned in connection with the vesting of Performance restricted stock units on January 2, 2023 by Mr. Restrepo and distributed pursuant to the terms of the applicable award agreements as determined by the Compensation Committee on December 31, 2022.
(13)	Reflects the number of shares vesting on January 4, 2023 of the 10,267 earned Performance units settled in shares originally granted on January 4, 2021.
(14)	These warrants were earned in connection with the vesting of Performance restricted stock units on January 4, 2023 by Mr. Restrepo and distributed pursuant to the terms of the applicable award agreements as determined by the Compensation Committee on December 31, 2022.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Restrepo William J C/O NABORS CORPORATE SERVICES, INC. 515 W. GREENS RD., SUITE 1200 HOUSTON, TX 77067			Chief Financial Officer

Signatures
/s/ Mark D. Andrews by Power of Attorney for William Restrepo		1/4/2023
**Signature of Reporting Person		Date

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