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Anthony Petrello is Happy About Nabors Industries Acquisition of Tesco Corp

News of Nabors Industries acquisition of Tesco Corp has really shook up the industry. Tesco Corp is one of Houston’s most successful oil field services companies. Nabors Industries is an oil and gas drilling company. Although Nabors is based in Bermuda its main offices are located in Houston. The deal was an all stock transaction. The deal is still incomplete at this time but is expected to be completed later in the year. There is some pressure on Tesco to close the deal before next year since Tesco will owe Nabors $8 million if it isn’t closed by Feb. 14, 2018. Because of the nature of acquisition Tesco shareholders will own about 10 percent of Nabors shares.

The deal could be a match made in heaven for both companies. Tesco, being a provider of technology-based solutions for the upstream energy industry, could blend nicely with Nabors land based drilling rig fleet. Nabors also provides offshore platform rigs, directional drilling services and performance tools. Nabors has been collaborating a lot lately, partnering with Saudi Aramco and Weatherford International Ltd.

Nabors chairman, president, and CEO Anthony Petrello is very happy with the acquisition. He believes it will contribute a significant boost to a strategy Anthony Petrello’s already developing.

About Anthony Petrello

Anthony Petrello is the Chairman and CEO of Nabors Industries Ltd.He is the leading CEO in the country. He got his start with the Baker and Mckenzie law firm nearly 40 years ago. He stayed with the firm for 12 years and even was promoted to Managing Partner after 7 years.

Petrello is a Newark, New Jersey native. He started from humble beginnings and exceeded all expectations. Raised in an Italian working class family he understood hard work all too well. Because of this he thinks he had an edge on his competitors in the business.

About Anthony Petrello: www.linkedin.com/in/anthony-petrello-1335b097