Anthony Petrello Grows Nabors Industries Capabilities With New Tesco Acquisition Deal

Tony Petrello once got an enormous pay raise back in 2013 at Nabors Industries, and now he’s growing the company’s technology development capabilities with the acquisition of Tesco Corporation made not long ago. Tesco Corporation has already had its stock merged with Nabors Industries and its current shareholders now have a 0.68 interest in Nabors Industries’ common shares. Petrello said he felt this Tesco acquisition was key because they have similar goals aligned in drilling technology developments and he has had a good working relationship with the Tesco executives and their employees.

Tony Petrello has made some tremendous deals as Chairman and CEO of Nabors Industries, and over the years the company has amassed one of the world’s largest drilling rig fleets both land-based and offshore. Its holdings are located all around the globe and its patents range not only in the physical drilling equipment and stations, but also include automated software and data analytics technology. Petrello’s 2013 pay raise came in a shareholder negotiation meeting during which some changes were made to Nabors Industries’ governing policies and a new deal was made to give Petrello extra compensation which totaled over $68.7 million making him America’s top-paid CEO that year, but a feat that has not been repeated since.

Tony Petrello first came to Nabors Industries in 1991 as chief operating officer and was moved into his current role as CEO after the man who formerly held that position, Eugene Isenberg passed away in 2011. Prior to coming to Nabors Industries, Petrello practiced law for 13 years after getting his JD from Harvard University and passing the New York bar exam. His specialty area of law mostly covered corporate management, internal auditing, offshore accounts, and tax compliance. Petrello also has a background in mathematics with both a bachelor’s and master’s degree in the field that he earned at Yale University.

Anthony Petrello also has a personal story to tell behind some of his philanthropy which involves his daughter Carena who was diagnosed with periventricular leukomalacia when she was born. The disease specifically affected her cognitive functions, and it became very hard for Tony and his wife Cynthia when they found out no cure existed for this. But they did get in touch with Dan and Jan Duncan who helped start the neurology institute at the Texas Children’s Hospital. The Petrello’s have been proud to support this institute and its endeavors to get into neurology research by giving over $7 million to it.

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