Nabors Industries Ltd. is the largest land-based oil drilling organization in the world. It’s currently a member of the S&P 400 index, listed on New York Stock Exchange, and boasted an astounding $1.02 billion in fiscal year 2016. Although the geothermal giant is incorporated offshore in the Caribbean island nation of Bermuda, Nabors is operated in Houston, Texas, also home to Tony Petrello.
In the recently-announced deal headed by innovative businessman Tony Petrello, Nabors is slated to acquire Tesco Corporation, a popular manufacturer and servicer of equipment used in drilling oil. Tesco will be combined with a manufacturer of oil rig equipment that Nabors already operates named Canrig, further enhancing the organization’s capabilities. Together, these two subsidiaries are expected to bring in $20 million in their first year of working together, then boost to a level exceeding $30 million.
Nabors will acquire Tesco, operating it as its very own subsidiary. This transaction is just one of many in recent years on behalf of the booming drilling company, in 2016 branching off joint venture with Arabian oil company Saudi Aramco, as well as partnering alongside Weatherford International.
Expected to close in the fourth quarter of calendar year 2017, the shareholders of Tesco will be given slightly more than two-thirds’ share value of common stock in Nabors, in exchange for one chart of Tesco stock. These shareholders alone will own roughly 10% of the entirety of Nabors’ outstanding stock, calculated at $181.5 million of Nabors’ total outstanding market capitalization of $181.5 billion.
Tony Petrello has had an outstandingly successful career, earning three college degrees, heading a successful law firm, and – as detailed earlier – working as the CEO, among six other prestigious titles, of Nabors Industries. Petrello first attended Yale University, earning a bachelor’s degree in mathematics in only three years’ time. Afterwards, he quickly worked towards a master’s degree in the same field, earning both together before he turned 20 to9 learn more info about us: https://www.linkedin.com/in/anthony-petrello-1335b097 click here.
Next came Harvard Law School, where the oil tycoon earned a juris doctorate. He applied this degree at Baker & McKenzie, a law firm in New York, for more than a decade before working for Nabors.