X0306 4 2017-02-17 0001163739 NABORS INDUSTRIES LTD NBR 0001334321 Restrepo William J C/O NABORS CORPORATE SERVICES, INC. 515 W. GREENS RD., SUITE 1200 HOUSTON TX 77067 1 Chief Financial Officer Common Stock 2017-02-17 4 D 0 32137 0 D 863455 D Common Stock 2017-02-17 4 A 0 80495 0 A 943950 D Common Stock 2017-02-17 4 F 0 13677 15.31 D 930273 D Common Stock 2017-02-20 4 F 0 4868 15.31 D 925405 D Represents the forfeiture of performance-based shares granted to Mr. Restrepo on March 3, 2014 that were eligible to vest following the end of a three-year performance period (January 1, 2014 to December 31, 2016) based on the Company's relative total shareholder return ("TSR") against a peer group of companies. Upon grant, the maximum vesting amount was reported in Table I of Form 4. Effective February 17, 2017, the Compensation Committee of the Board of Directors determined that, based on the Company's relative TSR performance over the applicable performance period, 48,209 performance shares would vest and 32,137 performance shares would be forfeited. These performance shares were earned pursuant to Mr. Restrepo's employment agreement based upon the achievement of certain objectives for the year 2016 as determined by the Compensation Committee of the Board of Directors on February 17, 2017. The shares are scheduled to vest in three (3) equal annual installments beginning on the first anniversary of the date of the award. Reflects the number of shares surrendered to satisfy the tax withholding on the vesting of 48,209 performance shares on February 19, 2017. The remaining shares were retained by the executive. Reflects the number of shares surrendered to satisfy the tax withholding on the vesting of 17,861 shares of restricted stock on February 20, 2017. The remaining shares were retained by the executive. /s/ Mark D. Andrews by Power of Attorney for William Restrepo 2017-02-21