Unregistered Sales of Equity Securities (Form 8-K)

Unregistered Sales of Equity Securities.

Nabors Industries Ltd. (the 'Company') announced on a Current Report on Form 8-K filed on July 7, 2021, that its wholly owned subsidiary, Nabors Energy Transition Solutions LLC ('NETS'), had on July 1, 2021 (the 'Effective Date') entered into two separate asset purchase agreements with the same seller pursuant to which the Company had committed to issue an amount of its common shares, par value $0.05 per share ('Common Shares'), equal to $16.4 million and $15 million, in each case as calculated in accordance with the terms of the respective agreement. On July 20, 2021, NETS closed on one of the agreements (the 'Initial Agreement') and in connection therewith the Company issued 147,974 Common Shares valued at $110.83 per share, calculated by dividing $16.4 million by the average of the volume weighted average price of the Common Shares for the (i) ten trading days ended two business days before the Effective Date and (ii) ten trading days ending two business days before the closing date.

The Common Shares issued pursuant to the Initial Agreement (a) have been pledged to satisfy potential indemnity claims and certain earnout conditions, and (b) have been issued to an accredited investor pursuant to Rule 506 promulgated under the Securities Act of 1933, as amended.