Nabors Industries is based in Bermuda, and its main office is in Houston. The company has intentions of acquiring Tesco Corp through an all- stock transaction. This deal is expected to happen within the last quarter of 2017. The current share value of Tesco Corp stock is $4.62 per share as at August 11th. This is 19% premium of Tesco’s shares closing value and 30% premium as per the June 30th cash balance. Any of the outstanding common stock shares of Tesco are traded for 0.68 for Nabors common share. At the end of the deal, Tesco should own an estimate of 10% of Nabors shares, and if the transaction is not successful by 14th February 2018, Nabors to receive payment of $8 million from Tesco.
Tesco manufactures, services, and designs solutions that are technology based for use in the energy industry. On the other hand, Nabors owns one of the world’s largest drilling fleet offering directional drilling and offshore platform rigs. The idea is to combine the rig equipment of Nabors with that of Tesco for manufacturing and rental services. Tesco is set to benefit from drilling solutions of Nabors Industries.
From the synergies of operations, the firms are expected to earn an estimate of $20 million within the first year of operation, then $30 million and $35 million consecutively afterwards. According to Petrello, the transaction will boost Nabors strategy for the drilling rig to serve as a delivery platform for rig services in the future. Nabors has also formed a partnership with Saudi Aramco as a joint venture and with Weatherford International within the last year.
Anthony Petrello is the chief executive officer and president of Nabors Industries. He is also the chairman of the Executive Committee of company. Anthony Petrello went to Harvard University and graduated with a law degree and Ms. Degree in mathematics from Yale University.
By the time he began his career journey, Tony’s attention had shifted from mathematics to law. He joined Baker & McKenzie law company in 1986 and served as the Managing Partner. Later on, Tony joined Nabors Industries in 1991 in the position of the chief operating officer and later on became the president.
Anthony Petrello Info: www1.salary.com/Anthony-G-Petrello-Salary-Bonus-Stock-Options-for-NABORS-INDUSTRIES-LTD.html