Nabors Industries has already built its software development and advanced IT department up over the years, but now it will be built on even further thanks to a new acquisition they made with Tesco Corporation. Both Nabors Industries and Tesco Corporation are based in Houston and both have built huge holdings around the Atlantic and gulf area in rigs and modular stations.
Nabors CEO Tony Petrello led negotiations of the acquisition and completed it through a stock transaction, and it gave current Tesco shareholders a 0.68 interest in Nabors Industries common stock. Anthony Petrello believes this deal will bolster current technology resources and will lead to even higher production and returns for investors. The reported revenue for Nabors Industries was up over the course of 2017 according to a company press release.
Tony Petrello has always considered himself to be a good problem solver which led him from a time he solved problems on napkins in middle school to now doing so at one of the world’s largest oil drilling companies. It was Petrello’s former roommate Lloyd Grove, a journalist at the Daily Beast who recounted his ability to work with tough math formulas during his time as a student at Yale. But Petrello suddenly found a new interest in law, and after completing law school he went to a New York law firm in 1979. In 1986, he became a partner at this firm and he helped many of its clients find loopholes in tax reporting, managing mergers and acquisitions, internal audits and securities regulations. In 1991, Petrello left the firm and officially entered the oil industry as chief operating officer of Nabors Industries.
After taking over as CEO in 2011, Tony Petrello started focusing on new automated systems for hybrid rigs and horizontal well technology. He has always brought in large annual compensation, but his largest ever was in 2013 when his base pay plus bonuses, equity, stock options and other assets put him over $68.7 million. Petrello has not equalled that feat since, but he has given away some of that money to non-profit groups around Houston. One of his largest charity recipients has been the Texas Children’s Hospital who he’s supported because of their research institute for neurological studies. Petrello has seen how neurological disorders have affected his daughter Carena, but he believes his gifts to the hospital can shed light on how important the issue is both for the medical community and regular Americans.
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