If you live in the contiguous 48 states, you have probably never heard of Nabors Industries. However, if you live in the state of Alaska, the name is probably as familiar to you as that of major sports stars.
Throughout the 1950s, Nabors Industries was one of the first companies involved in the opening of the oil fields in Alaska’s North Slope. It was during this time that the state first became one of the largest oil-producing states of the union, generating billions of dollars for the state and its residents. Even today, the money produced from Alaska’s expensive oil extraction activities goes to fund each resident of Alaska, yielding them up to $5,000 in additional income every year. All of this was started by Nabors Industries back in the 1950s. Without their insight and technological expertise, it is likely that Alaska’s North Slope would never have been exploited to the extent that it has been.
However, throughout the decades of the 1960s and 70s, the company’s fortunes begin to wane. By the 1980’s, the company was on the ropes, facing the inevitability of corporate restructuring in an effort to avoid bankruptcy. It was during this time of corporate restructuring that a lawyer working on the case with corporate restructuring law firm Baker McKenzie was first introduced to the company. The lawyer’s name was Tony Petrello, one of the most prominent bankruptcy attorneys in the United States at the time.
Tony Petrello so impressed the board of directors of Nabors Industries that they decided to hire him in an executive role. Throughout the decade of the 1990s, their decision on their new executive proved to be one of the best that the company had ever made. Petrello was able to lead the company through a time of many acquisitions of companies that would prove to be highly profitable to the firm over the long term.
Petrello also focused intensely on the creation of new technologies. One of these was the introduction of new oil drilling platforms that were able to operate on a nearly entirely automated basis. These rigs would ultimately prove to be one of the main models deployed to the Bakken Shale formation throughout North Dakota and Canada. This would prove to be a huge windfall to the company, with the majority of drilling equipment in North America being supplied by Nabors Industries by the year 2010.
Anthony Petrello’s profile @ linkedin.com