Nabors Industries which is one of the leading natural gas, geothermal and oil drilling contracting company in the world. The company’s CEO is Tony Petrello, and it was started in 1968. Nabors Industries is planning to carry out a stock transaction to acquire Tesco Corp.
The valuable transaction is predicted to be completed by the end of this year. The deal’s terms are that each Tesco share that is common stock should be transacted at the price of 0.68 of the Nabors common shares. This means that by the end of the transaction, around ten percent of shares from Nabors will be owned by Tesco shareholders. Moreover, a file with the American Securities and Exchange Commission states that if the transaction isn’t completed by mid-February next year, then Nabors will be paid eight million dollars by Tesco.
Tesco deals with the designing, manufacturing and technological services for the energy industry. Nabors Limited is the largest owner and operator of drilling rig fleet on land. The company provides performance tools, directional drilling services, and offshore rig platforms. The valuable transaction hopes to combine the manufacture of rig equipment, after sale and rental service department of Tesco and the department of Nabors’ rig equipment. According to Nabors, the tubular services which are offered by Tesco will also benefit Nabors Drilling department immensely.
Nabors CEO, Anthony Petrello revealed in a press release that synergy operations are bound to rise each subsequent year after the transaction. Mr. Petrello also said that the completion of the transaction with Tesco would see the unraveling of the strategy he had presented during Nabors Industries Analyst Day in 2016. The strategy was that the involvement of the rig drilling services would accentuate the platform of other services that include rigs.The legal advisers of Nabors were Stikeman Elliot LLP, and Tweed, Hadley & McCloy LLP while Intrepid Partners was the financial advisor of Nabors. Norton Rose Fulbright was the legal adviser of Tesco and Morgan Securities was Tesco’s financial adviser.
About Tony Petrello:
Tony Petrello is the CEO, President, and the Nabors Drilling Company board chairman. Mr.Petrello joined Nabors in 1991 as the Chief Operating Officer. However, he has managed to rise among the ranks over the years to his present post.In addition to this, Anthony Petrello is affiliated with many other companies where he holds key positions. This includes Stewart & Stevenson where he is the Director,MediaOnDemand.com where he is the director and Texas Children’s Hospital where he is also the director.
Respecting Tony Petrello: fuelfix.com/blog/tag/anthony-petrello/