For some time now, Nabor Industries has been among the largest companies in the oil and gas drilling sector. The company offers a plethora of services related to drilling. The core of its business is land drilling contracting for wells all around the world. In North America alone, the company also offers onshore and offshore well and drilling rig servicing. Based in Bermuda, the company has employed more than 30 thousand personnel including Tony Petrello, the current President, Chairman and Chief Executive Officer of company.
In a bid to fortify its position in the drilling Industries, Nabor Industries has recently acquired oilfield services company, Tesco Corporation. The coming together of the two companies will see Tesco shareholders receive about 1o% of Nabor Industries’ total stock. Based in Houston, Tesco and its 200 employees will be a great addition to Nabor’s business portfolio. Synergies arising from the deal are estimated to hit $20 million in the first year alone and are expected to hit upwards of $30 million once the optimum run rate reached. However, should the deal fail to go through by February 2018, Tesco is liable to pay Nabor $8 million.
More on Tony Petrello
This deal by Nabor is just one of the many strategic moves taken by Tony Petrello in the last decade and a half. Tony Petrello is arguably the most conversant individual with Nabor Industries’ culture and objectives, having joined the organization more than 25 years ago. He was so impressive in his first role at the company, Chief Operations Officer, that he was named CEO in 2011. About a year later, he was also promoted to chair company’s board.
Tony Petrello has positioned Nabor Industries to reap big under the ongoing shale gas fracking boom in various parts of the world. The company has currently leased hundreds of drilling rigs to wells spread in approximately 25 countries. Additionally, in a bid to maximize shareholder returns, Tony Petrello recently announced plans to restructure the compensation structure for Nabor’s corporate executives that will see him especially take a substantial pay cut.