Nabors Industries is a prominent natural gas and geothermal drilling company based in Hamilton, Bermuda. Since its formation in 1968, the firm has built an excellent reputation based on dedication and commitment to high-quality services. Much of the company’s recent success is owed to its current CEO, Tony Petrello. Mr. Petrello is lauded for insightful leadership and business that have significantly contributed towards the company’s success.
Nabors Industries is proud to be the largest land-based drilling entity and a top provider of offshore drilling rigs to the U.S. As a prominent player in the industry, the firm is skilled in the provision of innovative technologies, performance equipment and drilling services to various clients. Much of Nabors success is attributed to its highly skilled workforce that continues to set high standards for professional excellence.
Land and offshore drilling- the enterprise boasts the largest land exploration rig fleet worldwide. Such an attribute is enforced by the presence of 500 rigs in over 25 countries with oil and gas deposits. Additionally, Nabors in on course to acquire an extra 215 rigs to supplement the huge workload available. On the other hand, the enterprise has significantly invested in offshore drilling to capitalize on the enormous oil deposits in the Gulf of Mexico and Alaska. The presence of 48 operational offshore rigs in the United States is a testament to their financial strength.
Drilling software and technology- Nabors has set itself apart from its competitors by adopting state-of-the-art technology aimed at providing unmatched services to customers. Such technology involves the use of innovative products such as DRILLSMART, RIGWATCH, ROCKIT and Revit. Such products have immensely contributed to drilling efficiency and precise execution of tasks.
Rig equipment-Nabors is committed to providing high-quality petroleum products while also adhering to the highest standards of effectiveness and safety. Such a ruthless focus has promoted the use of case running tools, automated pipe handling, torquing equipment and Canrig Drilling Technology.
Former Nabors CEO Eugene Isenberg Steps Down From Leadership Post
Tony Petrello holds the current CEO post courtesy of Isenberg’s resignation after two decades at the helm. However, Mr. Isenberg will still serve as Chairman of Nabors’ Board of Directors. Aged 81, Isenberg is credited with steering the company towards success from the jaws of bankruptcy. Petrello’s immense knowledge and experience as COO served as added advantage in his appointment as CEO. More importantly, Tony Petrello think-out-of-the-box attitude speaks volumes about his creativity as a leader.
Why Tony Petrello Didn’t Top the Best-Paid Bosses In 2014
Mr. Petrello earned a mouthwatering $ 68.2 million annual salary in 2013 as a token of his industrious commitment to company development. Such an enormous figure earned Tony Petrello the n0.1 spot on the 50 top-paid CEOs list in 2013. Since his appointment as CEO, company share prices skyrocketed to 180%, a move that stimulated shareholder outrage in the wake of his astonishing paycheck.
High stock prices contributed to an increment of the company’s valuation but failed to attract as much revenue as was expected. After a series of consultative meetings, the Board finally decided to restructure the compensation package through several measures. With a trimmed salary it is highly unlikely that Petrello will top the annual list again.