Nabors Industries is a contractor that offers some services in oil rig drilling. The company has most of its drilling sites located in Bermuda but has its head office in the city of Houston. The company is known for having one of the largest land drilling services coupled with some of the best machinery and tools in the industry. This year, the company will be making a major leap in the industry on account of acquiring Tesco Corp, a company also based in Houston. The takeover will be done with a stock transaction and is expected to fully be in place by the end of 2017. The acquisition is one of the biggest things for the growth and expansion of the company and is seen as a brilliant move by critics from all over the world.
With the acquisition of Tesco, the company will now be able to expand their services well beyond land drilling and maintenance. Tesco currently is a company that offers technological solutions to clients coming from businesses that are involved with large scale production of energy. With this, Nabors will be able to tap into another market, thus expanding their current consumer base. Because both of the companies already cater to businesses in the same sector, they expect their client bases to possibly cross over. The two companies synergize extremely well with the services they provide, which can be an extremely positive route for Nabors to take when it comes to their operations.
In an interview with the CEO of Nabors, Anthony Petrello, the company is expecting their total profits to be around twenty million within the first year of their collaborative operations. Petrello has played an enormous part in deal that is coming into place and has a well thought out plan of the direction that he wants to lead the company in.
Anthony Petrello has been serving as the CEO of Nabors since 2011, after spending a considerable amount of years working with the company. He has an incredible amount of knowledge and experience when it comes to the oil industry, which has benefitted the company immensely.
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