Nabors Industries is one of the pioneers in the oil and gas drilling business and has its headquarters located in Houston. The company has world’s largest fleet of the specialized maritime fleet to support oil and gas drilling on contractual basis for its clients. Anthony Petrello commonly referred to as Tony Petrello is the present CEO of Nabors Industries. He is one of the most well-known executives in the oil and gas drilling industry and has made a name in the industry by reforming the business model of Nabors Industries. Tony Petrello helped in increasing the revenue of Nabors Industries considerably through strategic marketing initiatives, implementing cost-cutting measures, and making strategic business acquisitions.
In a recent move, Nabors Industries sealed the deal to acquire Tesco Corp, a Houston based firm. The transaction is decided to rely entirely on stock, and the price of the stock for the purchase was determined to be at $4.62 per share. The set price had a premium of 19 percent as per the closing value of stock price on August 11 and 30 percent premium as per the value of enterprise following the cash balance of Tesco Corp on June 30. Once the deal is closed, Tesco Corp will be holding around 10 percent of the stock of Nabors Industries. As per the filing made by Tesco Corp with the Securities and Exchange Commission of the United States, the deal has to be closed by February 14, 2018. If the transaction is not closed within the deadline, the company would have to pay an additional amount of $8 million to the Nabors Industries.
Tony Petrello is known to be one of the most successful CEOs in United States, and also the one with top bracket salaries. However, even after being a man of significance to the U.S. economy, he continues to maintain a low-profile and is not in the limelight for a reason. Tony Petrello grew up in Newark and comes from a humble background. Tony Petrello studied mathematics at Yale University and continued his higher education at the Harvard Law School. Tony Petrello has the best interests of Nabors Industries in mind and continues to find ways to increases its business and market reputation.
About Tony Petrello: www.wsj.com/articles/SB10001424127887324392804578358772612205556