Nabors’ plans to purchase Tesco Corporation
Tesco Corporation deals with the manufacture of technological solutions for rig drilling and sustainable energy equipment. On the other hand, Nabors owns largest rig fleet in the world which provides different drilling services including offshore and directional drilling. The equipment that is produced by Tesco can be very useful in the plans of Nabors. For this reason, according to Tony Petrello, who is the current CEO of Nabors, the purchase of Tesco would be a big boost to the plans that Nabors had.
The plans to purchase the company are expected to come to a close in the last quarter of 2017. After the purchase, Tesco will cost $4.62 per share. Since Nabors is interested in the equipment manufactured by Tesco, the deal will bring together the operations to be done by the two companies for business. The business is set to be done before the next year’s first quarter. To this extent, if an agreement is not reached between the two companies, Tesco will pay Nabors a total of $8 million according to the laws guarding their agreement. According to Tony Petrello, there will be $20 million for the first year and a minimum of $30 million for the subsequent years in operating synergies.
The development of Tony Petrello’s career at Nabors Industries
As the president of Nabors Industries, Tony Petrello has registered mature leadership. Because of his outstanding performance, Petrello held the presidency from 1991 to 2011. His two decades of dedicated services have been rewarding both to him and the company as a whole. The policies of any company do not allow people to hold positions for that long if their performance is poor. In 2013, the work pressure became high on the presidency, and the position had to be split for the company to maintain the quality of performance. In early 2014, the position was split to the president and chief Executive Officer. The two positions were assigned different roles. Tony Petrello became the CEO of Nabors in 2014, a position that he has held to this day for more info about us: http://www.bizjournals.com/houston/morning_call/2014/12/nabors-ceo-cfo-take-big-pay-cut.html click here.