Tony Petrello’s Nabors Industries Is Planning To Acquire Tesco Corporation

Nabors Industries, a Bermuda-based oil drilling company, is set to acquire Tesco Corp., in an all-stock transaction. The deal, which is scheduled to be completed in the end of 2017, will be valued at $4.62 per share according to the closing price of Nabors shares. Tesco offers technology solutions to the upstream energy industry. Anthony Petrello, the CEO, president and chairman of Nabors said that the acquisition will complement their strategy of making their drilling rig to be a delivery platform for rig services in future. According to the records filed at the U.S. SEC, Tesco will be required to pay Nabors $8 million if the deal is not concluded by February 2018. Intrepid Partners, who served as Nabors’ financial adviser, facilitated the deal. This information was originally reported on Biz Journals as explained in the following link

About Tony Petrello

The once top paid CEO in America, Tony Petrello has proved to be an outstanding corporate leader. Through his transformative leadership, Nabors has managed to rank as one of the leading companies in the competitive oil industry. Nabors Industries, the oil, natural gas and geothermal drilling contractor, operates on land across America, the Far East, Middle East and Africa. In addition, the company offers top drilling drives, equipment for rig instrumentation and data collection, directional drilling systems, software for rig reporting and equipment drill pipe handling. Leading a successful oil corporation in the current modern economy requires professionalism, commitment and determination. Tony Petrello has demonstrated a fascinating blend of the above elements in his management of Nabors.

The business leader has worked for Nabors for over three decades. He studied mathematics at Yale University. Tony is credited for helping the renowned mathematical theorist Serge Lang’s work about number theory. The two scholars worked through the most complex theorems and proofs. He proceeded to Harvard Law School to study law. The executive pursued several jobs before joining Nabors. With approximately 1,050 rigs, Nabors Industries employs over 100,000 workers. In 2014, Tony was the highest paid CEO. During that year, he was paid $68.2 million due to his excellent work at the company. According to his contract with Nabors Industries, 80 percent of Tony Petrello’s income is dependent on the performance of the company’s revenue.

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