Anthony Petrello Successful Leadership at Nabors Industries

Nabors Industries Ltd. is a Bermuda -based company with its primary offices in Houston. Nabors recently signed a contract allowing them to acquire a Houston oil service, Tesco Corp in an all-stock transaction. The deal will be closing during the fourth quarter of 2017, and Tesco Corp is expected to get a value stock at $ 4.62 per share according to the closing price of Nabors shares on August 11, 2017.

In the partnership, each share of Tesco common stock will be exchanged for 0.68 common shares of Nabors. Tesco shareholders will own about 10% of Nabors shares during the closure of the deal. According to a legal agreement with the U.S Securities and Exchange Commission, if the deal will not be done by February 14, 2018, then Tesco will pay Nabors $ 8 million.

Nabors Industries owns the world’s largest drilling rig fleet on land. The company also provides offshore platform rigs, performance tools, and directional drilling services. On the other hand, Tesco manufactures designs and services technology-based solutions for energy industries. Therefore, the joint venture will bring together Tesco’s rig equipment manufacturing, rental and aftermarket service withCanrig, a Nabor’s rig equipment subsidiary. Nabors drilling operations will also benefit from Tesco’s tubular services business.

Anthony (Tony) Petrello stated that operating synergies in the first years are expected to be about $ 20 million. The synergies will be followed a full run rate synergies of $30 m to $ 35 million. During the deal, Nabors received advises from different partners, Hadley and McCloy LLP, Milbank, Tweed, and Stikeman Elliot were its legal advisers. J.P. Morgan Securities served as a financial adviser to Tesco and Norton Rose Fulbright as Tesco’s lawyers.

Petrello is the chief executive and president of Nabors Ltd. He is also the chairman of the board and executive committee of the company. Under his leadership, Nabors has been ranked the largest geothermal and natural gas drilling contractor. Petrello graduated from the Harvard Law School with a J.D. degree. Petrello earned a B.S and M.S degrees in Mathematics from the Yale University. He is passionate about Nabors Industries and hopes for a bright future of the company.

To know more visit @: executives.findthecompany.com/l/18290/Anthony-G-Petrello

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