When Tony Petrello took over the helm of Nabors Industries, the company had suffered for decades under mismanagement and poor leadership. By the time of Petrello’s ascension to the top slot of the company, it was in chapter 11 bankruptcy and its stock was trading at just pennies.
That was 1991. By 2011, when Petrello was appointed CEO, the top position at the company, the stock price has risen to $50 a share before being split. This represented an incredible transformation from a company on the brink of insolvency to one of the nation’s leading oil services firms and resume him.
During the ‘90s and 2000s, Petrello led the company through a series of strategic acquisitions that dramatically enhanced its position in the oil services industry. Petrello had a vision to create a company that would be on the cutting edge of technological development in new areas of drilling technology. This included gigantic investments in directional drilling technologies, which would later prove to be invaluable when the shale boom of the 2010s took off. Nabors Industries found itself uniquely positioned to reap the huge rewards gushing from North America’s highly productive newly-found shale deposits.
Today, Petrello continues to provide the visionary leadership for Nabors Industries to move confidently forward into the 21st century oil industry. Through continued development of cutting-edge technologies, strategic acquisitions and attracting the top talent across the globe in the oil services sector, Nabors Industries will continue shoring up its strategic advantage and reaping huge profits for the decades to come.
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