Tony Petrello – Purpose

Nabors Industries Ltd., a company founded in 1968 under the name of Anglo Energy, Ltd. and now based in Hamilton, Bermuda, is a top S&P 500 oil, gas and geothermal drill contractor that operates on land throughout America, the Middle and the Far East, and Africa. It additionally performs onshore well-servicing within North America and offers rigs for offshore oil platform work as well as for offshore drilling rig services. The company offers varied support services for offshore and onshore drilling and even for well-servicing operations.

This company’s charter fleet includes 29 marine vessels for offshore operations. It also manufactures quality drilling drives, directional systems, rig instrumentation with data collection equipment, and tools for drill pipe handling with software for rig reports. As of 2006, this company owned more than 600 well-servicing rigs within the U.S. and 190 rigs within Canada as well as nearly 50 oil platform rigs, nearly 20 jack-up barge rigs, and five barge rigs.

The new CEO, Tony G. Petrello, graduated from the Universities of Yale and Harvard; the desire to lead and the passion to succeed were born right afterward. Anglo Energy, Ltd. was first founded in 1968 and traded publicly through the American Stock Exchange as a Class A share under the ticker symbol of AEL.A. Through the long bear market and malaise throughout the 1970s, this company performed well, which lead to its 1980s recession as problems began to surface. As of 1981, earnings capped $36 million, excluding extraordinary charges of $2 million.

However, coming out of this recession by 1982, Nabors suffered losses of $4 million, excluding extraordinary incomes of $4.6 million. By 1983, Nabors was in trouble. That year’s loss grew to $53 million and Anglo Energy then filed for Chapter 11 bankruptcy within the U.S. District Court.At the time, this company’s assets were $694 million and sales revenue hit $310 million. The stock halted for AMEX trading on November 1983 though it continued trading on the NASDAQ’s OTC exchange. Since its 1970s high, stock prices fell by 97 percent at the year’s end to a new low. Markets change. Also visit his Twitter account : https://twitter.com/tony_petrello