Nabors Industries was originally founded as a special-purpose entity for the soul job of drilling on the north slope of Alaska. Throughout the fifties and sixties, Nabors Industries was one of the crucial players in the development of the Prudhoe Bay oil field on Alaska’s North Slope.
This was a legendary development in the oil business, being one of the largest oil fields ever discovered until that time. It also played a crucial role in the development of the state of Alaska, showering its residents with much-needed income and allowing native peoples a degree of self-determination that they never would have otherwise enjoyed.
But throughout the ‘70s and ‘80s, Nabors Industries begin a long decline. This culminated in 1988, with its corporate restructuring under chapter 11 bankruptcy proceedings. Over the next three years, Nabors Industries looked feverishly for someone to lead it out of bankruptcy and into the future. They found their man with Tony Petrello.
When Petrello came on board, in 1991, he had long been a corporate lawyer with a famed firm Mackenzie Baker. He was exactly the type of man that Nabors Industries was looking for, smart, capable and possessed of a vision and leadership qualities that would enable the company to emerge from bankruptcy stronger than ever.
Over the next 10 years, Petrello led Nabors Industries from near and solvency, with a stock price trading at just $0.50 per share, to one of the largest and most important land-based drilling firms in the world, with a stock price trading at $100 per share, prior to the split.
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