Nabors Industries, one of the world’s largest offshore rigs and drilling solutions providers reported a $1 billion loss in net income the end of 2016. The company saw an improvement in net income from 2016 third quarter end to the end of the fourth quarter.
CEO Anthony Petrello noted Nabors reported operating revenue decreased by $1.7 billion when comparing 2015 and 2016. He admitted that last year was very challenging for the company and the rig count in the United States dropped by 81 percent, from 2014 to 2016. Although, there were challenges, Nabors continued to focus on upgrading their fleet of rigs and drilling solutions by implementing their new operating system.
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Anthony Petrello said they had the financial resources to continue funding the enhancement of rigs fleet with the company’s positive and available cash flow. Nabors recently announced the beginning of February 2017 the company engaged a nonbinding memorandum agreement to unite with Weatherford International plc. Both companies agree to integrate their oil and gas solutions and services to further expand their existence in the United States. Mr. Petrello is the driving force behind Nabors becoming the top American offshore rigs and solution provider.
Under the leadership of Anthony Petrello, since 1991, Nabors Industries has received enormous growth in the U.S. and multiple global markets. He was named President and COO (Chief Operating Officer) of the company, and elected to the Board of Directors. In 2012, Nabors unanimously voted him to sit as Chairman of Board and Chairman of the Executive Committee of the Board. The Yale University and Harvard Law School graduate earned his bachelor’s and Juris Doctor. Prior to Nabors, Mr. Petrello worked for Baker & McKenzie Law Firm, Hilcorp Energy, and Steward & Stevenson LLC.