Nabors Industries is in the process of acquiring the Tesco Corporation. The acquisition is expected to reach completion towards the end of 2017 with Tesco common stock being valued at $4.62 a share. Anthony Petrello is highly involved in the deal as the CEO of Nabors Industries. Once the deal has closed the shareholders of Tesco will own approximately ten percent of Nabors current shares. Nabors will be receiving $8 million from Tesco if the deal has not closed by February 14th of 2018.
Tesco specializes in design, services, and manufacturing of solutions for the energy industry based on modern technology. Nabors Industries are the owners and operators of a drilling rig fleet that is the largest worldwide in addition to performance tools, drilling services, and offshore platform rigs. The deal is designed to combine the manufacturing of the rig equipment and the aftermarket and rental business of Tesco with rig equipment subsidiary of Nabors Industries.
According to Anthony Petrillo the cost of the operating synergies for the first year are expected to total roughly $20 million. This will be preceded by the run rate synergies with expected cost between $30 and $35 million. Nabors industries decided several years back a drilling rig would be an excellent delivery platform for any rig services in the future. In the last year a joint venture has been formed between Saudi Aramco and Nabors Industries as well as Weatherford International becoming partners with Nabors.
Anthony Petrello serves Nabors Industries as their CEO. The company is a natural gas and geothermal drilling contractor with the distinction of being the largest of this type of company anywhere on the globe. Anthony Petrello has played a major role in the company’s development. Nabors Industries began in 1968 under the name of Anglo Energy, Ltd. Anthony Petrello received an excellent education at Harvard and Yale universities and his J.D. Degree was acquired when he attended Harvard Law School. He additionally earned his MS and BS degrees in Mathematics. His position with the Baker & McKenzie law firm in 1979 signified the start of his career. He worked as the Managing Partner of the firm from 1986 through 1991.
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