Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-05

Nabors Industries (NBR)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$29,636,103
Anthony Petrello total, FY2025
99th
CEO pay percentile vs peers
514:1
CEO-to-median pay ratio
33.72%
Say-on-pay support, latest vote
Companies that benchmark against NBR
6 companies name NBR as a compensation peer

Each company listed discloses NBR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named NBR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Anthony Petrello$1,750,000$19,000,000$5,352,354$0$2,049,275$0$1,484,474$29,636,103
Chairman of the Board, President and Chief Executive Officer
William Restrepo582,692200,0002,835,0800022,828739,9134,380,513
Former Chief Financial Officer
Miguel Rodriguez489,0381,300,000662,2390275,0007,167202,3782,935,822
Chief Financial Officer
Mark Andrews304,731150,000375,9610125,0000178,3501,134,042
Vice President and Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Anthony Petrello$29,636,103$12,146,803$10,334,034+17,489,300
William Restrepo4,380,5134,921,2384,392,410−540,725
Miguel Rodriguez2,935,822
Mark Andrews1,134,042927,497946,237+206,545

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Tanya S. BederDirector2026-06-02A1,324$0$0CommonForm 4 ↗
Anthony R. ChaseDirector2026-06-02A1,32400CommonForm 4 ↗
John P. KottsDirector2026-06-02A1,32400CommonForm 4 ↗
David J. TudorDirector2026-06-02A1,32400CommonForm 4 ↗
John YearwoodDirector2026-06-02A1,32400CommonForm 4 ↗
James R. CraneDirector2026-06-02A1,32400CommonForm 4 ↗
Michael C. LinnDirector2026-06-02A1,32400CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Mark AndrewsPSU2025-02-1801,6281,6283,256$75,000
Anthony PetrelloPSU2025-01-0111,45957,29357,293114,5863,275,440
Anthony PetrelloPSU2025-02-18016,27616,27632,552750,000
William RestrepoPSU2025-01-012,45512,27712,27724,554701,876
William RestrepoPSU2025-01-016,13812,27712,27724,554879,279
Miguel RodriguezRSU2025-10-014,807200,019
Anthony PetrelloPSU2025-01-0110,74321,48521,48542,9701,326,914
Mark AndrewsPSU2025-02-181,7333,4673,4676,933200,000
Mark AndrewsRSU2025-02-182,191100,961
Miguel RodriguezPSU2025-02-1804,8834,8839,766225,000
William RestrepoRSU2025-10-0152,7251,253,928
Miguel RodriguezRSU2025-02-185,148237,220
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Mark Andrews$100,961$275,000$073.1%
Anthony Petrello05,352,3540100.0%
William Restrepo1,253,9281,581,155055.8%
Miguel Rodriguez437,239225,000034.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Anthony PetrelloRSU57,293$3,111,010
Anthony PetrelloRSU27,9611,518,282
Anthony PetrelloPSU16,276883,787
William RestrepoPSU17,105928,802
Anthony PetrelloPSU16,420891,606
Miguel RodriguezRSU5,148279,536
Anthony PetrelloPSU10,743583,345
Anthony PetrelloPSU8,605467,252
Mark AndrewsPSU1,62888,400
Anthony PetrelloPSU7,864427,015
Anthony PetrelloPSU5,016272,369
Miguel RodriguezPSU4,883265,147
Miguel RodriguezRSU4,807261,020
Mark AndrewsPSU1,73394,102
Miguel RodriguezPSU2,736148,565
Mark AndrewsRSU2,191118,971
Miguel RodriguezRSU1,987107,894
Miguel RodriguezPSU2,008109,034
Mark AndrewsPSU1,64289,161
Miguel RodriguezRSU1,13461,576
Mark AndrewsRSU79643,223
Mark AndrewsPSU87547,513
Miguel RodriguezPSU68637,250
Mark AndrewsPSU86046,698
Miguel RodriguezRSU60332,743
Mark AndrewsRSU45424,652
Mark AndrewsPSU24113,086
05

Incentive-plan design — the Compensation Discussion & Analysis

Compensation philosophy aligns pay with financial and operational performance, including a mix of relative and absolute metrics; a significant portion of executive pay is performance-based or 'at risk'. The Compensation Committee strives to set base salary and performance-based compensation for our CEO and CFO in relation to the desired total mix of fixed versus at-risk pay.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantPay Governance
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-023,823,9977,497,07319,08433.72%Failed
20252025-06-037,000,9924,320,44452,22661.55%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0233.72%a
20252025-06-0361.55%b

a. Approved under the standard stated in the filing — “Abstentions have the same effect as a vote against the proposal;”.

b. Approved under the standard stated in the filing — “Abstentions have the same effect as a vote against the proposal;”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)514 : 1
CEO total compensation
Median employee compensation$57,656
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Anthony R. ChaseIndependent · Compensation · Governance and Nominating · Risk Oversight (Chair)$150,000$187,500$0$0$212,500$550,000
John YearwoodIndependent · Lead Independent Director · Audit · Governance and Nominating · Technology and Safety · Executive175,652187,50000147,300510,452
Tanya S. BederIndependent · Audit · Compensation (Chair) · Technology and Safety155,000187,50000147,300489,800
James R. CraneIndependent · Executive · Technology and Safety (Chair)130,000187,50000147,300464,800
John P. KottsIndependent · Audit (Chair) · Compensation170,000187,5000062,500420,000
Michael C. LinnIndependent · Governance and Nominating (Chair) · Risk Oversight140,000187,5000062,500390,000
David J. TudorIndependent · Audit · Risk Oversight · Newly elected54,688214,384000269,072
Anthony G. PetrelloEmployee director · Board Chair · Executive (Chair)0
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$250,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)45,000 / 30,000 / 30,000
Stock ownership guideline5x annual cash retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$975,340
Equity awards (grant-date value)$1,339,384
All other compensation$779,400
Total cost of the board$3,094,124

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Nabors Industries names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Nabors Industries.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Nabors Industries2025Anthony Petrello$1,750,000$5,352,354$0$2,049,275$29,636,103
2Baker Hughes Company2025Lorenzo Simonelli13,310,81903,557,70621,363,825
3TechnipFMC2025Douglas Pferdehirt1,450,00012,361,64003,501,75017,816,188
4SLB2025Olivier Le Peuch1,650,00012,374,95302,083,95017,347,291
5Halliburton Company2025Jeffrey Miller1,700,0007,992,78205,944,83616,525,407
6Weatherford International2025Girishchandra Saligram1,254,8089,969,03501,735,29613,022,298
7Patterson-UTI Energy2025William Hendricks1,300,0008,497,99102,264,33012,077,321
8Flowserve Corporation2025R. Scott Rowe1,236,5387,245,11401,901,25010,914,232
9Helmerich & Payne2025John Lindsay1,179,9095,749,95701,559,0169,010,799
10Expro Group Holdings2024Michael Jardon1,000,0005,246,0720690,6256,962,497
Precision Drilling Corporationnot in coverage universe
Transoceannot in coverage universe
Valarisnot in coverage universe
Noble Corporationnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Nabors Industriesnot disclosednot disclosedYes — Relative Total Shareholder Return (TSR)Pay Governance
Baker Hughes Company113.5%PSU 60 · RSU 40Yes — Relative TSRFrederic W. Cook & Co., Inc. (FW Cook)
Expro Group Holdings55.25%PRSU 60 · RSU 40Yes — Total Shareholder Return (TSR)Meridian Compensation Partners, LLC
Flowserve Corporation117%not disclosedNoF.W. Cook
Halliburton Companynot disclosedPSU 50 · Cash LTI 50Yes — Total Shareholder Return (TSR)not disclosed
Helmerich & Payne109.09%PSU 50 · RSU 50Yes — Total Stockholder Return (TSR)Willis Towers Watson
Noble Corporationnot disclosednot disclosednot disclosednot disclosed
Patterson-UTI Energynot disclosedPSU 50 · RSU 50Yes — Total Stockholder Return (TSR)Pay Governance LLC
Precision Drilling Corporationnot disclosednot disclosednot disclosednot disclosed
SLB84%PSU 75 · RSU 25Yes — Total Shareholder Return (TSR)Pay Governance
TechnipFMC161%PSU 70 · RSU 30Yes — Relative TSRPearl Meyer & Partners, LLC
Transocean150%PSU 50 · RSU 50NoPay Governance LLC
Valarisnot disclosednot disclosednot disclosednot disclosed
Weatherford International92.3%PSU 75 · RSU 25NoLB&Co.

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Anthony PetrelloDEF 14A2026-04-220001140361-26-016154Section “Summary Compensation Table”. As printed: 29,636,103. Filing ↗machine: r2 · c25 · span 1447823–1447833
2Section 01, William RestrepoDEF 14A2026-04-220001140361-26-016154Section “Summary Compensation Table”. As printed: 4,380,513. Filing ↗machine: r6 · c25 · span 1465066–1465075
3Section 01, Miguel RodriguezDEF 14A2026-04-220001140361-26-016154Section “Summary Compensation Table”. As printed: 2,935,822. Filing ↗machine: r5 · c25 · span 1460590–1460599
4Section 01, Mark AndrewsDEF 14A2026-04-220001140361-26-016154Section “Summary Compensation Table”. As printed: 1,134,042. Filing ↗machine: r9 · c25 · span 1477370–1477379
5Section 03, Mark Andrews PSUDEF 14A2026-04-220001140361-26-016154Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
6Section 03, Anthony Petrello PSUDEF 14A2026-04-220001140361-26-016154Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1563766–1563775
7Section 03, Anthony Petrello PSUDEF 14A2026-04-220001140361-26-016154Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1569789–1569796
8Section 03, William Restrepo PSUDEF 14A2026-04-220001140361-26-016154Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1621639–1621646
9Section 03, William Restrepo PSUDEF 14A2026-04-220001140361-26-016154Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1610559–1610566
10Section 03, Miguel Rodriguez RSUDEF 14A2026-04-220001140361-26-016154Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1595704–1595711
11Section 03, Anthony Petrello PSUDEF 14A2026-04-220001140361-26-016154Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1558809–1558818
12Section 03, Mark Andrews PSUDEF 14A2026-04-220001140361-26-016154Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
13Section 03, Mark Andrews RSUDEF 14A2026-04-220001140361-26-016154Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
14Section 03, Miguel Rodriguez PSUDEF 14A2026-04-220001140361-26-016154Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1589652–1589659
15Section 03, William Restrepo RSUDEF 14A2026-04-220001140361-26-016154Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
16Section 03, Miguel Rodriguez RSUDEF 14A2026-04-220001140361-26-016154Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1584613–1584620
17Section 07, pay ratioDEF 14A2026-04-220001140361-26-016154Section “CEO Pay Ratio”. As printed: 514 : 1. Filing ↗
18Section 08, Anthony R. ChaseDEF 14A2026-04-220001140361-26-016154Section “Director Compensation”. As printed: 550,000. Filing ↗machine: span 529446–529453
19Section 08, John YearwoodDEF 14A2026-04-220001140361-26-016154Section “Director Compensation”. As printed: 510,452. Filing ↗machine: span 551181–551188
20Section 08, Tanya S. BederDEF 14A2026-04-220001140361-26-016154Section “Director Compensation”. As printed: 489,800. Filing ↗machine: span 524545–524552
21Section 08, James R. CraneDEF 14A2026-04-220001140361-26-016154Section “Director Compensation”. As printed: 464,800. Filing ↗machine: span 533731–533738
22Section 08, John P. KottsDEF 14A2026-04-220001140361-26-016154Section “Director Compensation”. As printed: 420,000. Filing ↗machine: span 538664–538671
23Section 08, Michael C. LinnDEF 14A2026-04-220001140361-26-016154Section “Director Compensation”. As printed: 390,000. Filing ↗machine: span 542942–542949
24Section 08, David J. TudorDEF 14A2026-04-220001140361-26-016154Section “Director Compensation”. As printed: 269,072. Filing ↗machine: span 547214–547221
25Section 08, Anthony G. PetrelloDEF 14A2026-04-220001140361-26-016154Section “Director Compensation”. As printed: 0. Filing ↗
26Section 02, Tanya S. Beder 2026-06-02Form 42026-06-030001163739-26-000046Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Anthony R. Chase 2026-06-02Form 42026-06-030001163739-26-000047Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, John P. Kotts 2026-06-02Form 42026-06-030001163739-26-000050Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, David J. Tudor 2026-06-02Form 42026-06-030001163739-26-000052Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, John Yearwood 2026-06-02Form 42026-06-030001163739-26-000053Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, James R. Crane 2026-06-02Form 42026-06-030001163739-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Michael C. Linn 2026-06-02Form 42026-06-030001163739-26-000051Insider equity transaction reported since the proxy statement. Filing ↗
33Section 06, 2026 voteForm 8-K2026-06-050001104659-26-070958Item 5.07 · say-on-pay result. As reported: 33.72% (votes for as printed: 3,823,997). Filing ↗
34Section 06, 2025 voteForm 8-K2025-06-060001104659-25-057309Item 5.07 · say-on-pay result. As reported: 61.55% (votes for as printed: 7,000,992). Filing ↗
35Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
36Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
37Section 09b board cost (computed)ComputedcomputedCash 975,340 + equity 1,339,384 + all other 779,400 = 3,094,124, summed across the director compensation table rows.machine: formula: Σ = 3,094,124
38Nabors Industries (subject), Section 10b CEO totalDEF 14A2026-04-220001140361-26-016154CEO total compensation as printed in Nabors Industries's own proxy. As printed: 29,636,103. Filing ↗machine: r2 · c25 · span 1447823–1447833
39Baker Hughes Company, Section 10b CEO totalDEF 14A2026-03-300001193125-26-130309CEO total compensation as printed in Baker Hughes Company's own proxy. As printed: 21,363,825. Filing ↗machine: r4 · c31 · span 1166652–1166662
40TechnipFMC, Section 10b CEO totalDEF 14A2026-03-190001628280-26-019819CEO total compensation as printed in TechnipFMC's own proxy. As printed: 17,816,188. Filing ↗machine: r4 · c21 · span 1175605–1175615
41SLB, Section 10b CEO totalDEF 14A2026-02-260001308179-26-000024CEO total compensation as printed in SLB's own proxy. As printed: 17,347,291. Filing ↗machine: t235 · r1 · c14 · span 700975–700985
42Halliburton Company, Section 10b CEO totalDEF 14A2026-03-310000045012-26-000033CEO total compensation as printed in Halliburton Company's own proxy. As printed: 16,525,407. Filing ↗machine: t159 · r2 · c18 · span 2610544–2610554
43Weatherford International, Section 10b CEO totalDEF 14A2026-04-210001193125-26-166847CEO total compensation as printed in Weatherford International's own proxy. As printed: 13,022,298. Filing ↗machine: r3 · c27 · span 828253–828263
44Patterson-UTI Energy, Section 10b CEO totalDEF 14A2026-04-130000889900-26-000020CEO total compensation as printed in Patterson-UTI Energy's own proxy. As printed: 12,077,321. Filing ↗machine: span 571078–571088
45Flowserve Corporation, Section 10b CEO totalDEF 14A2026-04-020001628280-26-022933CEO total compensation as printed in Flowserve Corporation's own proxy. As printed: 10,914,232. Filing ↗machine: r2 · c8 · span 2203312–2203322
46Helmerich & Payne, Section 10b CEO totalDEF 14A2026-01-220001104659-26-005786CEO total compensation as printed in Helmerich & Payne's own proxy. As printed: 9,010,799. Filing ↗machine: r1 · c42 · span 1420313–1420322
47Expro Group Holdings, Section 10b CEO totalDEF 14A2025-04-110001193125-25-078440CEO total compensation as printed in Expro Group Holdings's own proxy. As printed: 6,962,497. Filing ↗machine: r3 · c34 · span 806814–806823
48Section 10a, Halliburton Company reciprocityDEF 14A0000045012-26-000033Halliburton Company's most recent proxy was read; its disclosed peer group does not include Nabors Industries. Filing ↗
49Section 10a, SLB reciprocityDEF 14A0001308179-26-000024SLB's most recent proxy was read; its disclosed peer group does not include Nabors Industries. Filing ↗
50Section 10a, TechnipFMC reciprocityDEF 14A0001628280-26-019819TechnipFMC's most recent proxy was read; its disclosed peer group does not include Nabors Industries. Filing ↗
51Section 10a, Helmerich & Payne reciprocityDEF 14A0001104659-26-005786Helmerich & Payne names Nabors Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Flowserve Corporation reciprocityDEF 14A0001628280-26-022933Flowserve Corporation's most recent proxy was read; its disclosed peer group does not include Nabors Industries. Filing ↗
53Section 10a, Baker Hughes Company reciprocityDEF 14A0001193125-26-130309Baker Hughes Company's most recent proxy was read; its disclosed peer group does not include Nabors Industries. Filing ↗
54Section 10a, Transocean reciprocityDEF 14A0001104659-26-037805Transocean names Nabors Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
55Section 10a, Weatherford International reciprocityDEF 14A0001193125-26-166847Weatherford International names Nabors Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
56Section 10a, Patterson-UTI Energy reciprocityDEF 14A0001628280-25-017335Patterson-UTI Energy names Nabors Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
57Section 10a, Expro Group Holdings reciprocityDEF 14A0001193125-25-078440Expro Group Holdings names Nabors Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗