Under Petrello, Nabors Industries follows successful diversification strategy

Jul - 29 2017 | By

Tony Petrello has become one of the most successful and respected CEOs in the nation today. After having graduated with a Juris Doctor degree from Havard Law School and an MS in mathematics from Yale, he was quickly hired by famed law firm Baker McKenzie, where he works as a mergers and acquisitions attorney. His first career in law gave him the opportunity to work on some of the most complex corporate restructuring cases in recent history. This gave him deep insight into the world of mergers, acquisitions and corporate restructuring, and it honed his skills as a talented executive, able to find hidden value in different business units.

It was no surprise, then, that after taking over at the helm of Nabors Industries, in 1991, Tony Petrello began pursuing a strategy of acquiring a diverse portfolio of companies that would allow Nabors Industries to continue creating value in the challenging North American oil extraction industry. Among the many acquisitions that Petrello pursued was that of Canrig, a Canadian drilling and oil services company that had extensive knowledge and infrastructure in the building of directional drilling equipment.

This entrance into the directional drilling and hydraulic fracturing business proved to be a sagacious move. Petrello quickly led the company on to become one of the premier providers of directional drilling equipment to all of North America. This proved to be a huge boon to the company, with Nabors Industries becoming the almost exclusive equipment provider to the oil plays of the Bakken Shale formation. Throughout the 2000’s and beyond, this would prove to be a major profit center for Nabors Industries, constituting up to 50 percent of all of its revenues.

All said, Petrello has led the company from virtual bankruptcy to having a book value of more than $17 billion. This makes him the most successful CEO in the company’s history.

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