Oil Patch Bits: Nabors appoints Petrello new CEO

Nabors Ltd. said Oct. 28 that its board of directors has appointed Anthony Petrello as CEO of the company effective immediately. Eugene Isenberg will remain chairman of the board.

“The company and its shareholders are indebted to Mr. Isenberg for his many years of dedicated service,” said John Yearwood, lead director.

Since 1987, the company has grown from a small Alaska-based drilling contractor with 38 rigs and negative shareholder equity of $35 million to a multinational company with operations in more than 24 countries and shareholder equity of more than $5.6 billion. The stock price was 37 cents per share in 1987 and increased 50-fold over Isenberg’s tenure.

“I have complete confidence that Tony is the right person to take over as CEO,” said Isenberg. “We have worked closely together for 20 years, and he has a deep knowledge of the company’s operations and strategy. He is well positioned to lead the company as CEO moving forward. I believe the company’s brightest and most successful days are ahead of it.”