Tony Petrello Finishes Deal On Tesco Corporation Merger

Nabors Industries has a few new partnerships and mergers that have added to its technology initiatives and have increased the company’s overall stock value. Its biggest merger has been with Tesco Corporation which finished the stock transaction just this last December, and Nabors Industries chairman and CEO Tony Petrello has been very pleased with the work that went into it.

Petrello said he pursued this deal because Tesco and Nabors Industries have had similar goals with how they conduct drilling operations, and both have strove to find new patents in drilling technology. Nabors Industries already owns one of the world’s top land-based rig fleets, and they’ve been implementing new drilling analytics and automated software into their systems.

Tony Petrello came to Nabors Industries after seeing how important the corporation’s role in American energy was, and he worked closely with famous oil technology icon Eugene Isenberg for over 20 years helping him build the company into what it is today. When Isenberg died in 2011, Petrello took over his role as chairman. Two years later Petrello was given a pay raise as a compromise to other deals being made with shareholders, and this bonus pay raise put Petrello’s total compensation over $68.7 million making him America’s highest-paid CEO. But Petrello hasn’t just pocketed all that money.

One of the causes Tony Petrello cares most about is at the Texas Children’s Hospital which has one of the nation’s best neurology research centers. Petrello himself has a daughter who has battled the brain disorder cerebral palsy, and his donations of $7 million to the TCH have been made in hopes of one day helping not just her, but young children all over the world overcome such illnesses. Petrello also started and gave over $170,000 to a hurricane relief fund this last year after Harvey ravaged Houston and its surrounding cities.

Prior to coming to Houston and joining Nabors Industries’ Board of Directors, Tony Petrello was a graduate of Yale University in advanced math, and then he spent several years in law school at Harvard, received a J.D. and passed the bar exam. He spent about 13 years at a New York City law firm known as Baker & McKenzie where he practiced in corporate and financial law, and clients he served included investment banks, fortune 500 corporations and other firms that traded securities. Petrello was a managing partner of the firm for about five years before joining Nabors Industries. Some little-known things about Petrello include studying under a famous mathematics professor named Serge Lange, and also marrying former TV actress Cynthia Carrafa.

Read more: How Tony Petrello Helped Houston With Hurricane Harvey Relief

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