Nabors Industries has been one of the world’s top oil drilling contractor and technology development companies over the last 20 years or so, and now their portfolio will grow even larger with the acquisition of Tesco Corporation, another Houston-based oil conglomerate. Tesco is reported to bring in annual revenue of about $500,000, and Nabors Industries Chairman Tony Petrello said one reason he went through with this acquisition is because both companies have led the industry in innovation and both companies have similarly aligned goals. The transaction was stock-based, and Tesco shareholders will also be given a partial holding in Nabors Industries common stocks. The deal was completed in December of 2017.
Tony Petrello has been with Nabors Industries since 1991 first as its Chief Operating Officer, and then taking over in 2011 as CEO and Chairman. His educational background began with advanced math, a subject he excelled in during high school and then continued in as a student at Yale University. But after graduating from Yale, Petrello decided to go into law with his primary practice being in the financial sector. As an associate and partner at Baker & McKenzie, Petrello’s clients included many executives from investment banks and hedge funds who needed advice on tax laws and securities trading. Nabors Industries was very impressed with both his legal knowledge and the cases he won that they asked him to bring that knowledge to the executive board.
Tony Petrello has made some fantastic deals while serving as Chairman of Nabors, and he also became America’s highest-paid executive in 2013 as part of a contract negotiation process with shareholders. His stock options and equity do account for a significant part of his compensation as do his bonuses that exceed his base pay, but that year it all totaled to $68.7 million. But Petrello has also done a lot of work outside the offices of Nabors.
Just this last year, Tony Petrello got involved with the cleanup efforts from hurricane Harvey by having employees travel to the cleanup locations and offer assistance both in the cleanup and rescue as well as providing essential items for victims. He also has been a donor to the Texas Children’s Hospital and their Dan and Jan Duncan Neurological Institute. Petrello’s young daughter Carena has had a lifelong battle with cerebral palsy and in hopes of finding a cure one day for her and other young children who’ve suffered from brain diseases, he has dedicated around $7 million to research in brain science.