NABORS INDUSTRIES LTD

In our discussions with shareholders, the topic of long-term performance-based compensation was often discussed, including the one-year performance period for Nabors’ PSU program. We responded to shareholders questions surrounding the structure of the program and its alignment with long-term strategy. For a detailed discussion on our one-year performance period approach, see the“How We Approach Setting CEO and CFO Goals” section, below.

In the view of the Compensation Committee, Nabors’ LTI program drives long-term objectives and significantly aligns our NEOs with shareholders. CEO, CFO and, since 2023, Corporate Secretary

56 2026 Proxy Statement

compensation is tied to relative three-year TSR performance as well as a three-year ROIC performance metric, which is discussed in more detail below (see“Continuation of Multi-Year Performance Goal”) section, and the other component of our LTI program ties PSU payouts to performance goals measured on an annual basis.

The figure below demonstrates how Nabors’ LTI components have driven the long-term execution of our strategy. Metrics related to the development of our innovative NDS offering have led to a discernible upward trend over the last several years in the segment as a component of our total Adjusted EBITDA (See Figure 8, below). For 2025, NDS Adjusted EBITDA increased to 219.3 million (including the contribution from Quail Tools), a 66% improvement over 2024 which represented 24% of Nabors’ overall Adjusted EBITDA of $912.7 million. In addition, LTI metrics related to our balance sheet have led to significant deleveraging to ensure Nabors is positioned to pursue a disciplined capital allocation approach (See Figure 3, above).

Figure 8 Overview of Long-Term NDS Performance Achievements