Nabors Industries

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Nabors Industries, Ltd.
Public
Traded asNYSENBR
S&P 600 Component
ISINBMG6359F1032 Edit this on Wikidata
IndustryOil & Gas Drilling
Founded1954; 66 years ago (1954)
HeadquartersHamilton, Bermuda (incorporation)
Houston, Texas, U.S. (operational)
Key people
Anthony G. Petrello, President & CEO
William Restrepo, CFO
RevenueIncrease US $3.048 billion (2018)
Decrease US -$640 million (2018)
Total assetsDecrease US $7.853 billion (2018)
Total equityDecrease US $2.700 billion (2018)
Number of employees
15,000 (2018)
SubsidiariesCanrig Drilling Technology
Saudi Aramco Nabors Drilling Company (50%)
KMG Nabors Drilling Company (50%)
Websitehttp://www.nabors.com

Nabors Industries is an American global oil and gas drilling contractor based and headquartered in Houston, Texas. Nabors owns the largest land drilling fleet in the world with approximately 400 rigs in more than 20 countries. Company consists of the following business segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies.

History[edit]

1968 to 1986[edit]

Anglo Energy, Ltd. was founded in 1968, and publicly traded on the American Stock Exchange with Class A shares under the ticker symbol AEL.A[1][2]

Coming out of the recession by 1982, the company suffered a loss of US$4 million, excluding extraordinary income of US$4.6 million.[1]

In 1986, Anglo Energy emerged from its Chapter 11 bankruptcy reorganization, and refiled. In 1987, Anglo Energy exited its Chapter 11 bankruptcy reorganization, and changed its name to Anglo Energy Inc.

1987 to 2010[edit]

In 1986, Anglo Energy changed its name to Nabors Industries Ltd., which also traded on the AMEX, under the new symbol NBR.[1][2]

During the 1987 reorganization, Eugene M. Isenberg became the Chairman of the Board and Chief Executive Officer of Nabors. He previously served as the Chairman and the principal shareholder of Genimar, Inc., a steel trading and building products manufacturing company.[2]

In 1988, Nabors acquired Westburne Drilling which became the first international acquisition with operations in the Middle East.

In 1990, Nabors acquired Loffland Brothers Drilling. Same year, company opened its corporate headquarters building in Houston, Texas.

On October 1, 1991, Anthony G. Petrello was hired and became Deputy Chairman, President and Chief Operating Officer of Nabors Industries. Previously, he had the role of Managing Partner of the New York Office of law firm Baker & McKenzie.[2]

In 1993, Nabors performed the acquisition of Grace Drilling for $32 million, adding 167 rigs to the company fleet.

In 1997, Nabors performed multiple acquisitions that expanded the company - Canrig acquisition put Nabors into drilling equipment business, Sundowner purchase exposed company presence in offshore drilling and Epoch Well Services acquisition expanded Nabors to the instrumentation market.[3]

During the late 1990s, Nabors Industries continued to grow its domestic and international operations, and was added to the S&P 500 Index of the largest publicly traded companies in the United States. The stock moved from the AMEX to the NYSE.

In 2007, Nabors Industries sold its Sea Mar Fleet for US$189 million in cash to Hornbeck Offshore Services, including 20 offshore supply vessels (OSVs). The deal closed in early August 2007.[4]

In 2010, Nabors purchased Superior Well Services company in a $736 million deal and entered the completion & production services market.

2011 to present[edit]

In October 2011, Nabors CEO Eugene M. Isenberg stepped down from his position and was replaced by Anthony G. Petrello. In June 2012, Petrello became the CEO and chairman of the board of directors of the company.

In 2013, Nabors deployed a new generation of pad-optimal rigs for the U.S. land market, including the PACE®-X800 Nabors SmartRig with advanced walking capabilities for multi-well pad drilling.

In 2015, Nabors exited the completions & production business the following year to focus on drilling & technology. Following that, Nabors created a new division called Nabors Drilling Solutions (NDS) with focus on automation of managed pressure drilling, casing running and directional drilling.

In 2015, Nabors created a joint venture with KazMunayGas in Kazakhstan to transfer drilling operations performed at the Tengiz Field from Tengizchevroil to the joint venture, "KMG Nabors Drilling Company". [5]

On October 31, 2016, Nabors Industries signed a contract with Saudi Aramco, largest oil company in the world, to form a joint venture named SANAD (Saudi Aramco Nabors Drilling Company). SANAD commenced operations on December 1, 2017.

On August 14, 2017, Nabors agreed to acquire Tesco Corporation in an all-stock transaction for $216 million. The acquisition was completed on December 15, 2017.[6]

In August 2017, Nabors announced the acquisition of Robotic Drilling Systems (RDS) from a Norway-based drilling company, Odfjell Drilling.[7]

In October 2018, Nabors acquired PetroMar Technologies, a company that offers a pipeline of innovative products strategically positioned to address the needs of unconventional oil and gas exploration.

Global operations[edit]

As of 2018, Nabors Industries operates in more than 20 countries around the world. Annual Report

 

North America

South America

Middle East

Africa

Europe

Asia

See also[edit]

References[edit]

  1. ^ a b c Standard & Poor's Stock Guide, various issues
  2. ^ a b c d "Nabors Industries Ltd, Form DEF 14A, Filing Date Apr 30, 2007". secdatabase.com. Retrieved May 15, 2018.
  3. ^ "Nabors: Our History"'. Nabors Industries, 10/23/19, accessed 10/23/19
  4. ^ Nabors Industries Ltd. (NBR:NYSE), Company Description, Business Week
  5. ^ KazMunayGas "KMG Nabors Drilling Company – a new prominent player at the drilling market in RoK"'. KasMunagyGas, 10/07/15, accessed 23/09/19
  6. ^ WorldOil "Nabors agrees to acquire Tesco Corp. in all-stock transaction"'. WorldOil, 8/14/17, accessed 9/17/17
  7. ^ OE Staff "Nabors buys Robotic Drilling Systems"'. Offshore Engineer, 8/31/17, accessed 9/17/17

External links[edit]