Nabors and Tesco Corp Transaction
Nabors Industries Ltd. is a land-drilling contractor company. It designs, manufactures and maintains technological solutions for upstream energy. Nabors operates one of the largest drilling rig fleet in the world. Headquartered in Huston, Nabors Industries Ltd. operates in Bermuda, where it advertises land drilling rigs.
The organization is planning to acquire Tesco Corp, a Huston-based firm, in an all-stock purchase. The two companies expect to close the deal in the 4th quarter of 2017. The common stock of Tesco is currently valued at $4.62 per share. 0.68 of Nabors common shares will be exchanged for each outstanding share of Tesco`s common stock. 10% of Nabors shares will go to Tesco shareholders, when the deal is complete. Tesco will pay Nabors Industries Ltd. $8 million if the deal is not closed by 14th February, 2018.
The transaction will combine Tesco Corp`s services with Nabors subsidiary, Canrig. Tesco`s aftermarket business, rental services, tabular services and rig equipment manufacturing will be included in the deal. According to the chairman of Nabors, Anthony Petrello, operating synergies for the company will be $20 million in 1st year, $30 in the 2nd year and $35 million in the 3rd year. Petrello said the deal accelerated the organization strategy of delivering a platform for rig services.
About Anthony Petrello
Anthony Petrello is the CEO and President of Nabors Industries Ltd. He is also the Chairman of the Executive Committee Board of the company. Petrello has been an instrumental figure in the development of Nabors Industries. Anthony Petrello acquired his Bachelors and Masters of Science in Mathematics degrees from Yale University. He acquired his undergraduate degree in Juris Doctor from Harvard Law School to learn more: http://people.equilar.com/bio/anthony-petrello-nbr/salary/503049#.WKHy57YrKRs click here.
Anthony Petrello began his professional career at Baker & McKenzie Law Firm, in 1979. He served as the Managing Partner of the organization`s New York office from 1986 to 1991. Petrello joined Nabors as the Chief Operating Officer, in 1991. He was made president in 1992. He was selected as the Deputy chairman of the firm in 2003. Anthony held the position until 2012, when he became the Chairman of Nabors` Executive Committee Board. Petrello was made the CEO of the firm in 2011.