Nabors Industries is a global leader in the oil and gas industry. The company is present in over 20 countries specializes in drilling and rig services. Nabors has over the years invested in advanced technology and a skilled workforce that has made them a center of excellence and a trend setter in the industry. The company created the inaugural hybrid rig that incorporated coiled tubing technology and was the first in the industry to use horizontal rig for drilling.
In an all-stock transaction set before the close of the fourth quarter 2017, Nabors Industries will acquire Tesco Corp. Tesco manufactures, designs, and provides technological solutions for the energy sector. The transaction will merge the companies’ rig equipment manufacturing, after sales services, and rental services. Tesco is also set to benefit from drilling solutions of Nabors industries.
The forecasted value of Tesco common stock per share based on the current Nabors stock value is $4.62. Tesco outstanding shares of the common stock will trade for 0.68 Nabors common shares. After the transaction, 10% of the Nabors shares will be held by Tesco shareholders. However, if the transaction is not closed by February 14, 2018, Tesco will be liable to pay Nabors $8million.
Anthony Petrello, current Chairman, President, and CEO of Nabors Industries is among the people facilitating this deal. He views the deal as a strategic transaction that will accelerate drilling rig service delivery. Anthony, once listed among the top paid CEOs in the USA, is a strategist and visionary leader.
About Anthony Petrello
Mr. Petrello grew up in Newark, New Jersey. He studied at Yale University on a full scholarship. In addition to the Bachelor of Science and Master of Science degrees from Yale, he has a degree from Harvard Law school to learn more about us: http://yaledailynews.com/blog/2006/02/21/alum-endows-prize-in-memory-of-lang/ click here.
Tony began his career law firm in 1979 where he rose to Managing Partner of the New York office. Anthony Petrello joined Nabors in 1991 as chief operating officer, became president in 1992, Deputy chairman 2003-2012, and CEO since 2012. During his tenure as CEO, the company has bagged awards such as the HERO awards, EnCana safety awards and the Safety leadership awards for its commitment to safety standards.
Anthony Petrello also serves in the Texas Children Hospital board of Trustees. He advocates for programs that focus on children with neurological disorders.