Nabors Industries Has A New Powerful Partnership With Saudi Aramco

Nabors Industries is a publicly-owned company based in Houston and it has some of the most advanced oil drilling rigs and computerized operations in the world. But it’s now going to be sharing ownership of some offshore Atlantic Ocean this with a Middle East drilling rig holding company known as Saudi Aramco.

Nabors Industries CEO Tony Petrello led the formation of this partnership not only to increase its international drilling capacity, but also to increase earnings for the company’s stockholders. Petrello remarked in a company press release that he was delighted with the forming of this new partnership and the increased drilling territories it’s added, and he noted that this deal along with buying Tesco Corporation have helped the company increase its income while also cutting operating losses.

Tony Petrello’s old friend and roommate Lloyd Grove is the one who has shed light on his past and how he went from a blue collar neighborhood of Newark, NJ to leading the Houston oil giant Nabors Industries. Petrello was a mathematics genius in middle school and high school, and after being admitted to Yale University, Grove said he became a favorite student of Algebra pioneer Serge Lange. But both his former roommate and professor likely didn’t foresee him take a completely different direction by going into law school and then joining a prestigious New York City firm. He became a partner at this firm and started his relationship with Nabors Industries as their attorney. His abilities in managing tax compliance and offshore accounts was part of what led them to selecting him as their chief operating officer in 1991, and after the former CEO passed away, Petrello took over for him.

Anthony Petrello may be most known for leading technology development initiatives at Nabors Industries, but he also is passionate about giving back to his community. The main cause he’s rallied behind is searching for cures for periventricular leukomalacia and diseases like cerebral palsy that have resulted from brain defects. His own daughter Carena has dealt with these issues, and in order to help her and other children, he has committed $7 million to brain research at the Texas Children’s Hospital’s neurological research institute. Petrello has also helped the city of Houston as a whole during tough times including recovering from hurricane Harvey to which he donated $176,000 to help victims of the storm, and he even compensated Nabors Industries employees for volunteering to help.