The oil and gas industry was abuzz recently with Nabors Industries announcing it acquisition of Tesco Corporation. The transaction is reportedly worth well over $200 million. The purchase will further expand Nabors Industries’ already giant oilfield reach.
Nabors is the largest land drilling contractor on the planet. Founded 50 years ago in Hamilton, Bermuda it has around 500 rigs spanning multiple continents. With this acquisition Nabors may have just solidified its spot as a prominent player in the well construction and drilling sectors.
Both companies are expected to benefit greatly from the transaction. Tesco was a prominent oilfield services company well before Nabors came into the picture. It is responsible for building the world’s first portable land top drive, a viable alternative to the rotary table and kelly drive. Tesco’s stock price has risen substantially post purchase. Tesco stockholders will now control 10 percent of Nabors.
Tony Petrello is both the CEO and President of Nabors Industries. Tony Petrello says the deal came about because Nabors wanted to improve its standing in the integrated drilling services space. Because of the specif needs of the company acquiring Tesco seemed like the perfect opportunity to achieve its goal. Nabors will also have access to Tesco’s valuable rig equipment manufacturing arm. Petrello is extremely high on on the purchase and believes it will permit Nabors to offer its clients more customized services and products.
About Tony Petrello
Tony Petrello sets the bar high as a successful business executive. He brings a unique approach to the world of big business. He attended two Ivy League schools, Harvard University and Yale University. He earned his law degree from Harvard and possesses a bachelor’s degree and a master’s degree in math from Yale.
Petrello is also an avid philanthropist. He has made a lot of contributions to Texas Children’s Hospital.