NBR Nabors Industries Ltd

Item 1.01 Entry into a Material Definitive Agreement.

On January 21, 2020, Nabors Industries Ltd. (“Nabors”) announced that pursuant to its previously announced consent solicitations, on January 17, 2020, its indirect wholly-owned subsidiary, Nabors Industries, Inc. (“NII”) had received the requisite consents (the “Requisite Consents”) from the holders of a majority of the outstanding principal amount of NII’s 5.50% senior notes due 2023 (the “Notes”) to approve amendments to the indenture dated December 9, 2016 (the “Indenture”) among NII, as issuer, Nabors, as guarantor, Wilmington Trust Company, as trustee (the “Trustee”), and Citibank, N.A. (“Citi”), as securities administrator, pursuant to which the Notes were issued.

In connection with the receipt of the Requisite Consents, on January 22, 2020, NII entered into the First Supplemental Indenture to the Indenture (the “Supplemental Indenture”), among NII, Nabors, the Trustee and Citi. The Supplemental Indenture amends the Indenture to, among other things, eliminate substantially all of the restrictive covenants and certain events of default and reduce the minimum notice period required for redemptions of the Notes from twenty (20) days, as currently required by the Indenture, to three (3) business days. The amendments to the Indenture implemented by the Supplemental Indenture will not become operative until NII accepts and purchases the Notes satisfying the Requisite Consents. A copy of the Supplemental Indenture is included in this Form 8-K as Exhibit 10.1 and is incorporated herein by reference.