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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 3.02 Unregistered Sales of Equity Securities.
On August 26, 2026, Nabors Industries Ltd., a Bermuda exempted company (“Nabors” or the “Company”), entered into a Series B Preferred Stock Purchase Agreement (the “Purchase Agreement”) with Quaise Energy, Inc., a Delaware corporation (“Quaise”), pursuant to which Nabors, through its designee, Nabors Energy Transition Ventures LLC (“NETV”), a Delaware limited liability company and wholly owned indirect subsidiary of Nabors, purchased 5,425,515 shares of Series B-1 Preferred Stock of Quaise, $0.0001 par value per share (the “Preferred Stock”), at a price of $6.4510 per share. As consideration for the Preferred Stock, Nabors issued 391,944 common shares of Nabors, $0.05 par value per share (the “Nabors Shares”), to Quaise (collectively, the “Transaction”).
The number of Nabors Shares issued as consideration was determined by dividing $35 million by the volume-weighted average trading price per common share of Nabors on the New York Stock Exchange (“NYSE”) for the three NYSE trading days ending immediately prior to the date of the Purchase Agreement. In addition, the Purchase Agreement contains certain registration rights pursuant to which Nabors has agreed to file with the Securities Exchange Commission (the “SEC”) a prospectus supplement pursuant to Rule 424(b)(7) under the Securities Act of 1933, as amended (the “Securities Act”), registering the resale of the Nabors Shares promptly following the closing of the Transaction (such prospectus supplement, the “Resale Prospectus”). The Company has filed the Resale Prospectus with the SEC concurrently with the filing of this Current Report.
The Purchase Agreement includes a collar mechanism pursuant to which in the event that the aggregate market value of the Nabors Shares sold by Quaise during the 20 consecutive trading days following delivery of such shares (the “Collar Measurement Period”), calculated using the VWAP over such period, is less than $33.25 million (the “Downside Protection Level”), Nabors at its discretion, will either issue Quaise additional common shares or pay Quaise an amount of cash in either case sufficient to cause the aggregate market value of the Nabors Shares to be no less than the Downside Protection Level. If the aggregate market value of the Nabors Shares sold by Quaise during the Collar Measurement Period exceeds $36.75 million (the “Upside Level Cap”), Quaise shall pay Nabors in cash an amount equal to the excess value above the Upside Level Cap. The Downside Protection Level and Upside Level Cap shall be adjusted pro-rata in the event of partial sales by Quaise of the Nabors Shares during the Collar Measurement Period. In the event that Nabors issues Quaise additional common shares pursuant to the collar mechanism, the Purchase Agreement obligates Nabors to promptly register the additional common shares for resale.
Each of the Preferred Stock and the Nabors Shares were issued in a private placement pursuant to Section 4(a)(2) of the Securities Act.
Item 7.01 Regulation FD Disclosure.
On August 27, 2026, Nabors issued a press release announcing the closing of the Transaction, a copy of which is attached hereto as Exhibit 99.1 and is incorporated into this Item 7.01 by reference.
The information contained in this Item 7.01, and the accompanying Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act, or the Exchange Act, regardless of the general incorporation language of any such filing, except as shall be expressly set forth by specific reference in such filing.
Item 8.01 Other Events.
A copy of the opinion of Conyers Dill & Pearman Limited, Bermuda counsel for the Company, relating to the legality of the issuance of the Nabors Shares, is attached as Exhibit 5.1 hereto.
Cautionary Statement Regarding Forward-Looking Statements
The information included in this Current Report includes forward-looking statements within the meaning of the Securities Act and the Exchange Act. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors’ actual results may differ materially from those indicated or implied by such forward-looking statements. The forward-looking statements contained in this Current Report reflect management’s estimates and beliefs as of the date of this Current Report. Nabors does not undertake to update these forward-looking statements.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description |
| 5.1 | Opinion of Conyers Dill & Pearman Limited. |
| 23.1 | Consent of Conyers Dill & Pearman Limited (included in Exhibit 5.1). |
| 99.1 | Press Release, dated August 27, 2026. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NABORS INDUSTRIES LTD. | ||
| Date: August 27, 2026 | By: | /s/ Mark D. Andrews |
| Name: | Mark D. Andrews | |
| Title: | Vice President & Corporate Secretary | |
Exhibit 5.1
 |
CONYERS DILL & PEARMAN LIMITED
Richmond House, 12 Par-la-Ville Road Hamilton HM 08, Bermuda
Mail: PO Box HM 666, Hamilton HM CX, Bermuda T +1 441 295 1422
conyers.com |
27 August 2026
Matter No.: 344165
+1 441 298 7859
Chiara.Nannini@conyers.com
Nabors Industries Ltd.
Richmond House
12 Par-la- Ville Road
Hamilton HM 08
Bermuda
Dear Sirs,
Re: Nabors Industries Ltd. (the “Company”)
We have acted as special Bermuda legal counsel to the Company in connection with the registration for resale of up to an aggregate of 391,944 common shares, par value US$0.05 each (the “Common Shares”), originally issued to Quaise Energy, Inc. (the "Selling Shareholder") pursuant to the Series B preferred stock purchase agreement dated 26 August 2026 between the Company and the Selling Shareholder (the “Purchase Agreement”). The Common Shares have been registered for resale pursuant to the prospectus dated 14 August 2026 (the "Base Prospectus") that forms part of the registration statement on Form S-3 (Registration No. 333-298351) of the Company filed with the U.S. Securities and Exchange Commission (the "Commission") on 14 August 2026 (the "Registration Statement") as supplemented by the prospectus supplement dated 27 August 2026 (the "Prospectus Supplement" and together with the Base Prospectus, the "Final Prospectus"), filed by the Company with the Commission on 27 August 2026 pursuant to Rule 424(b) of the rules and regulations promulgated under the U.S. Securities Act of 1933, as amended, (the "Securities Act").
| 1. | DOCUMENTS REVIEWED |
For the purposes of giving this opinion, we have examined a copy of the Registration Statement, the Final Prospectus, and the Purchase Agreement. We have also reviewed:
| 1.1. | copies of the memorandum of association and the bye-laws of the Company, each certified by the Secretary of the Company on 26 August 2026; |
| 1.2. | copies of unanimous written resolutions of the Company’s directors dated 25 August 2026, certified by the Secretary of the Company on 26 August 2026 (the “Resolutions”); and |
| 1.3. | such other documents and made such enquiries as to questions of law as we have deemed necessary in order to render the opinion set forth below. |
| 2. | ASSUMPTIONS |
We have assumed:
| 2.1. | the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether or not certified) examined by us and the accuracy, authenticity and completeness of the originals from which such copies were taken; |
| 2.2. | that where a document has been examined by us in draft form, it will be or has been executed and/or filed in the form of that draft, and where a number of drafts of a document have been examined by us all changes thereto have been marked or otherwise drawn to our attention; |
| 2.3. | the accuracy and completeness of all factual representations made in the Registration Statement and the Final Prospectus and other documents reviewed by us; |
| 2.4. | that the Resolutions remain in full force and effect and have not been rescinded or amended; and |
| 2.5. | that there is no provision of the law of any jurisdiction, other than Bermuda, which would have any implication in relation to the opinions expressed herein. |
| 3. | QUALIFICATIONS |
| 3.1. | We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than Bermuda. |
| 3.2. | This opinion is to be governed by and construed in accordance with the laws of Bermuda and is limited to and is given on the basis of the current law and practice in Bermuda. |
| 3.3. | This opinion is issued solely for the purposes of the filing of the Registration Statement and the Prospectus Supplement and the offering of the Common Shares by the Selling Shareholder, and is not to be relied upon in respect of any other matter. |
| 4. | OPINION |
On the basis of and subject to the foregoing, we are of the opinion that:
| 4.1. | The Company is duly incorporated and existing under the laws of Bermuda. |
| 4.2. | The Common Shares are validly issued, fully paid and non-assessable (which term means when used herein that no further sums are required to be paid by the holders thereof in connection with the issue of such shares). |
conyers.com | 2
We hereby consent to the filing of this opinion as an exhibit to the Current Report on Form 8-K filed by the Company, which will be incorporated by reference into the Registration Statement, and to all references to our firm in the Final Prospectus forming part of the Registration Statement. In giving this consent, we do not hereby admit that we are experts within the meaning of Section 11 of the Securities Act or that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.
Yours faithfully,
/s/ Conyers Dill & Pearman Limited
Conyers Dill & Pearman Limited
conyers.com | 3
Exhibit 99.1
Nabors Expands Geothermal Growth Platform with $35 Million Strategic Investment in Quaise Energy
Investment increases Nabors’ ownership to extend its technology-enabled growth strategy and positions the Company to support the commercialization of next-generation superhot geothermal drilling
HAMILTON, Bermuda, August 27, 2026 /PRNewswire/ — Nabors Industries Ltd. (“Nabors” or the “Company”) (NYSE: NBR) today announced the completion of a $35 million strategic equity investment in Quaise Energy, Inc. (“Quaise”). The transaction positions Nabors as Quaise’s largest shareholder with a fully diluted ownership of 14%. The investment deepens the longstanding relationship between Nabors and Quaise, and gives Nabors meaningful potential value creation from Quaise’s millimeter-wave drilling platform as it advances toward commercial deployment. The funding is part of Quaise’s Series B financing round and underscores Nabors’ continued support for Quaise’s technology development and expansion efforts.
The transaction advances Nabors’ strategy to deploy its differentiated drilling, automation, and well-construction capabilities into attractive adjacent energy markets. Quaise’s hybrid platform combines conventional rotary drilling with high-power millimeter-wave technology designed to reach deeper, hotter geothermal resources that are otherwise inaccessible with conventional methods. Upon successful deployment, the technology broadens the addressable market for geothermal power and creates future opportunities for Nabors’ rigs, drilling services, engineering, and automation solutions.
“This investment brings together strategic commitment and one of the most compelling opportunities in geothermal energy,” said Anthony G. Petrello, Chairman, President and Chief Executive Officer of Nabors. “Quaise’s technology closely aligns with our core strengths. By pairing its innovation with Nabors’ global platform, technical expertise, and field execution capabilities, we believe we can help accelerate industry adoption while creating an attractive pathway for long-term value creation.”
Nabors funded the investment through the issuance of approximately 392,000 shares of Nabors common stock.
Carlos Araque, Chief Executive Officer and President of Quaise Energy, said, “Nabors combines world-class drilling, advanced technology, field execution, and a global operating footprint. Its increased investment is a strong endorsement of our technology and growth strategy. We could not be more excited to move forward together as we advance our technology and bring the world’s first superhot geothermal power plant to life – a meaningful next step toward deploying geothermal at commercial scale.”
Quaise’s gyrotron-powered drilling platform is designed to ablate rock using millimeter-wave energy transmitted downhole through a waveguide, reducing reliance on complex downhole equipment in extreme-temperature environments. By integrating this technology with established drilling practices, infrastructure and supply chains, Quaise is pursuing a scalable pathway to access deeper and hotter geothermal resources.
A Nabors PACE®-B rig is currently drilling at Quaise’s Project Obsidian in Oregon, providing Nabors with a direct role in the project’s field execution. The planned first phase targets 50 megawatts of reliable power, with subsequent phases targeting up to one gigawatt of additional capacity. Project Obsidian is intended to become the first commercial deployment of a superhot enhanced geothermal system.
Nabors Industries Ltd. • www.nabors.com
Nabors’ investment in Quaise establishes a strategic framework including an exclusivity arrangement to provide drilling services in support of Quaise’s geothermal projects. Following this investment, the companies expect to continue evaluating additional opportunities, including drilling-system integration, rig engineering, field deployment, automation and global project development. These opportunities could extend Nabors’ participation beyond its current ownership and support potential future revenue as Quaise progresses toward broader market adoption.
About Nabors Industries
Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With operations in approximately 20 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower-carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com.
About Quaise Energy
Quaise Energy is unlocking the Earth’s deep heat to deliver clean, reliable, baseload energy at scale—almost anywhere in the world. As both a technology innovator and project developer, Quaise builds and operates solutions that harness superhot geothermal energy far below the surface, enabling power generation that can rival the output of today’s most efficient fossil fuel and nuclear plants. With its millimeter wave drilling technology, developed after more than a decade of research at the Massachusetts Institute of Technology (MIT), Quaise’s mission is to make superhot geothermal a backbone of the modern energy system, offering affordable, zero-carbon power and true energy independence for communities and nations everywhere. https://www.quaise.com/
Forward-Looking Statements
The information included in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors’ actual results may differ materially from those indicated or implied by such forward-looking statements. The forward-looking statements contained in this press release reflect management’s estimates and beliefs as of the date of this press release. Nabors does not undertake to update these forward-looking statements.
Nabors Industries Ltd. • www.nabors.com
Nabors Investor Contacts:
William C. Conroy, CFA, Vice President of Corporate Development & Investor Relations, via email william.conroy@nabors.com, or Kara Peak, Director of Corporate Development & Investor Relations, via email kara.peak@nabors.com. To request investor materials, contact Nabors’ corporate headquarters in Hamilton, Bermuda via email mark.andrews@nabors.com
Quaise Media Contact:
Diane Hughes
Vice President, Marketing & Communications, Quaise Energy
press@quaise.com
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Nabors Industries Ltd. • www.nabors.com