Nabors Industries released financial statements for 2017 not long ago which showed that their income for that year was up from where it had been in previous years, and part of the financials reflected a new acquisition of Tesco Corporation. Tesco Corporation has also been developing oil rig systems and is a pioneer in automated drilling, and Nabors CEO Tony Petrello believed a merger of the two companies could expand development capabilities. The transaction of this deal was carried out through a stock purchase, and current Tesco stockholders will keep their shares but will also have a small percentage of Nabors Industries common stock. Petrello is excited about new opportunities the deal will bring and is delighted to welcome both field workers and the Tesco R&D team to the Nabors Industries family.
Tony Petrello has been the chairman of Nabors Industries since 2012 and his experience that led to him leading one of the world’s top oil drilling contractors was in administrative law and financial management. Nabors Industries has invested in horizontal and hybrid well technologies, specialized rig analytics, offshore modular series and other analytics systems thanks to Petrello’s guidance. He has managed not only great business-to-business deals but also has conducted shareholder negotiations, one of which brought a pay raise to him of $68.7 million in base pay, bonuses, personal stocks and equity that made him the top paid CEO of 2013. He did not repeat that feat the following year though.
Tony Petrello comes from a blue collar background and grew up in the city of Newark, NJ. He didn’t have a lot of money at the time, but he was academically gifted particularly in mathematics. He earned a scholarship to Yale University where he got his bachelor’s and master’s degrees in math, but he changed course by going into law for 13 years. His relationship with Nabors Industries began as their attorney and he helped them with various securities trading and tax compliance issues. This eventually led to him becoming chief operating officer of Nabors before becoming CEO. Along with managing Houston’s largest oil drilling contractors, Petrello is also a philanthropist who supports neurological research at the Texas Children’s Hospital’s institute where he’s given $7 million.