The oil and gas industry has experienced numerous shocks in the last decade. In that period, the industry has seen the price of a barrel of crude oil rise to highs of over $140 in 2008 and plummet to lows of less than $30 in 2016. Succeeding in such an erratic industry is not easy. In fact, numerous companies in industry have had to close down or significantly scale down their operations in the last few years. However, one company that seems to be going in the opposite direction is Nabor industries. Under the leadership of Anthony Petrello, the oil and gas drilling contractor has been able to grow its business significantly even in the tumulus market conditions.
In line with its growing expansion drive, Nabor Industries recently made a move to acquire Tesco Corp. The deal which involves an all-stock transfer will see Tesco shareholders collectively own about 10% of Nabor’s stock. With Tesco being involved in the business of rig equipment design, manufacturing, maintenance, and provision of aftermarket services, the acquisition will greatly benefit Nabor by supporting its ability to provide quality products and services to the upstream energy industry. The acquisition is expected to produce operating synergies of $20 million in the first year that will rise to over $30 million in the subsequent years.
More on Anthony Petrello
Anthony Petrello is the current president of Nabor Industries. He also doubles up as the organization’s Chief Executive Officer and Chairman of the Board. He is among the company’s longest serving employees, having joined from the New York office of, famed law firm, Baker, and McKenzie in 1991.
Away from his professional endeavors, Mr. Petrello is also a serious philanthropist. Together with his wife, Cynthia, he currently funds a pediatric periventricular leukomalacia (PVL) research program at the Jan and Dan Neurological Research Institute. Mr. Petrello’s motivations for finding better PVL treatment therapies is due to the fact that his daughter, Carena, is also affected by the disease. The research program, once successful, will not just benefit Carena, but also thousands of children all around the world.