Tony Petrello Announces Huge Stock Acquisition Of Tesco Corporation

Nabors Industries has already been on record as having the largest land fleet of oil drilling rigs, and their holdings have now grown even more with a merger of Tesco Corporation. Nabors Chief Executive Officer Tony Petrello has always made it a priority to keep the oil giant in front of the oil drilling curve, and Tesco Corporation has put out many of their own patents and systems that will do just that. The merger was conducted through a stock buyout that now gives all Tesco shareholders 0.68 holding for each Nabors Industries share. Petrello stated that Tesco’s goals are closely aligned with Nabors’ and this merger will greatly benefit both companies’ portfolios.

Tony Petrello is a successful CEO because he can think outside the box and solve problems, but he also draws a hard line when making negotiations. When he was still quite young, he used his skills to solve tough math problems and even received a scholarship to Yale University for it. Petrello also attended Harvard to get his JD, and in 1979 he began representing high net worth clients as an attorney for Baker & McKenzie. He was an expert in securities trading and tax laws, and the cases he successfully litigated helped elevate him to partner of the firm in 1986. But he got an even better opportunity when Nabors Industries asked him to join the company as Chief Operating Officer in 1991. In 2011, he was officially nominated CEO.

Tony Petrello has not only made large acquisition deals with companies like Tesco Corporation and Saudi Aramco. He also has turned automated technology and software into a key part of the company, and in 2013 he became the highest salary CEO when shareholders renegotiated company policies and paid him additional bonuses that brought his total compensation to $68.7 million. But outside of the oil industry’s rigors of competition, Petrello has quite a different persona. He is highly involved in the Houston community supporting arts, culture and healthcare groups including the Texas Medical Center. Within his healthcare philanthropy, he’s set aside $7 million specifically for neurological and cognitive research and genetic disease cures. One reason this cause is important to him is because his daughter Carena is a victim of cerebral palsy and has had to deal with its problems. Even though he went through some very difficult times in his life dealing with depression and having weight issues, Petrello emerged with even more resolve to help fund a cure for these disorders and hopes his generosity towards the Texas Medical Center will be an example to others.

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