Nabors Industries has had a lot of developments happening over the last year and it’s been upgrading a lot of its legacy rig systems to automated drilling. There’s also been new rollouts of the M-800 and Canrig sites, and the financial reports for the 2017 fiscal year have looked great for profits made for each of these margins. Chief Executive Officer Tony Petrello has also expressed his happiness with the earnings and said they show that Nabors Industries continues to lead in the drilling technology field, and he says things look great going forward. The overall revenue for the company is up from $2.2 billion in 2016 to $2.6 billion in 2017. The biggest accomplishments to look at going forward are the merging of Tesco Corporation and the new SANAD joint venture with Saudi Aramco which will open up many new drilling sites.
Tony Petrello is one of the most brilliant executives who has a strategic growth plan and has seen it come to reality throughout his time at Nabors Industries. Those who know him well have described him as being able to meticulously sort through details to tackle problems. This was first noticed while he was still a young man growing up in New Jersey who was always solving complex math problems. Petrello earned both bachelor’s and master’s degrees in advanced mathematics from Yale, and from there he applied problem solving to complexities in tax laws. He completed his JD at Harvard’s law school and then became a member of Baker & McKenzie law firm in New York. He practiced there for 13 years litigating many financial cases and helping clients through major M&A deals.
Tony Petrello joined Nabors Industries in 1991 as their Chief Operating Officer and for many years he helped direct its asset management and used his legal expertise to do so. When Eugene Isenberg, the CEO who was responsible for taking the company public and building its international portfolio passed away, Petrello took over his position and also assumed the role of chairman. In 2013 he made $68.7 million with bonuses and equity to his name that he topped every other CEO to become the highest-paid of that year. One of Petrello’s lesser known facts is being the father of a daughter who has cerebral palsy, and his love for that daughter led him to start a charity for supporting research into her condition at the Texas Medical Center.
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