Prior to its incredible turnaround, led by Tony Petrello, Nabors Industries was a struggling firm with a storied past. The company was founded as one of the first drillers in Alaska’s Prudhoe oil fields. As one of the first companies to extract oil on the North Slope of Alaska, Nabors Industries played a crucial role in the development of that state’s oil resources and the subsequent wealth that they produced for Alaska’s Natives and all of its residents and read full article.
However, by the mid-‘80s, the company had fallen into mismanagement and was leaking money at an astounding rate. Eventually, the company was forced into chapter 11 restructuring and was teetering on the very brink of closure. It was at this time that Tony Petrello was brought on board as the last best hope to save the company from almost certain annihilation.
When the board of directors hired Petrello, they got more than they could possibly have hoped for. Petrello brought to the table a strong vision and formidable ability to realize the full potential of Nabors Industries’ human capital. He immediately change the direction in which the company had been previously headed. Petrello made a conscious decision to focus on the development of new drilling technologies, which would be crucial to the extraction of North American hard oil in the decades to come.
With the discoveries of both the Bakken Shale and the immense tar sands region of Canada, this bet on high technology and more efficient drilling equipment started to pay off in a major way. Nabors Industries quickly became North America’s go to firm for providing state-of-the-art drilling equipment that was needed for the extraction of the difficult-to-reach oil that was deposited within the deep shale reserves of North Dakota and his Facebook.