Anthony Petrello Announces Acquisition of Tesco Corporation

On August 14, 2017 it was announced that Nabors Industries LTD. would be acquiring Tesco Corporation. While Nabors Industries main offices are in Houston, the same as Tesco, its headquarters is in Bermuda. The deal was an all-stock transaction between the two companies.

The deal should be completed by the fourth quarter of 2017. Tesco shares, which trade under the ticker TESO, were valued at $4.62 a share which is the amount based on how much Nabors shares were worth as of the end of the trading day on August 11th. The $4.62 amount represents a 19% premium based on closing day value of outstanding Tesco shares.

As a company in the oil and gas industry, Tesco provides technology-based solutions to others in the industry. They design, manufacture, and service their products. The transaction was a good fit for Nabors Industries as they have the largest drilling rig fleet in world. The also supply services to offshore drilling companies such as platform rigs, performance tools, and directional drilling services.

The merging of the two companies is expected to save about $20 million in the first year in operational costs after the deal is completed. In following years they are expecting to save $30 to $35 million a year.

When announcing the deal CEO of Nabors Industries, Anthony Petrello, said that the deal represented a plan he put into motion in November 2016. He and his company had long ago determined that drilling rigs will lead to being used as the delivery platform of rig services in the future.

In addition to his role as CEO, Anthony Petrello is also the president of Nabors Industries. He first joined the company in 1991 after having spent 12 years as an attorney, and later managing partner, of the New York City law firm Baker & McKenzie. Under his leadership, Nabor Industries has become a leading oil and gas company that generated $2.23 billion in revenue in 2016. In addition to Nabors Industries, Anthony Petrello is also a director at Hilcorp Energy Company as well as Stewart & Stevenson, two other companies in the oil industry.

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