View source for Company:Nabors Industries

{{Short description|American global oil and gas drilling contractor based and headquartered in Houston, Texas}}
{{Infobox company
| name = Nabors Industries Limited
| logo = Nabors Industries logo.svg
| former_name = Anglo Company Limited
| type = [[Finance:Public company|Public]]
| traded_as = {{NYSE|NBR}}<br>S&P 600 Component
| foundation = {{Start date and age|1972}}
| location = [[Place:Hamilton, Bermuda|Hamilton]], Bermuda (incorporation)<br />Houston, {{wipe|Texas}}, {{wipe|United States}} (operational)
| key_people = Anthony G. Petrello, President & CEO <br />William Restrepo, CFO
| num_employees = 15,000 (2018)
| industry = Oil & Gas Drilling
| products = 
| revenue = {{increase}} {{wipe|United States dollar}} $3.048 billion
| revenue_year = 2018
| profit = {{decrease}} {{wipe|United States dollar}} -$640 million
| profit_year = 2018
| assets = {{decrease}} {{wipe|United States dollar}} $7.853 billion
| assets_year = 2018
| equity = {{decrease}} {{wipe|United States dollar}} $2.700 billion
| equity_year = 2018
| subsid = Canrig Drilling Technology<br />Saudi Aramco Nabors Drilling Company (50%)<br />KMG Nabors Drilling Company (50%)
| homepage = [http://www.nabors.com http://www.nabors.com]
}}

'''Nabors Industries Limited''' is an American global oil and gas drilling contractor that has operated since 1972. Based in Houston, Texas, Nabors owns the largest land drilling fleet in the world with approximately 400 rigs in more than 20 countries. The company consists of the following business segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. Nabors is notable for its historic association with the Guggenheim family.

==History==

===Predecessor companies===

==== Anglo-Lautaro ====
Nabors Industries traces its history to the early 20th century and the Guggenheim family's business interests in South America. In 1924, the Guggenheims used the profits from the sale of their [[Earth:Chuquicamata|Chuquicamata]] copper properties to purchase the Anglo-Chilean Nitrate and Railways Company Limited, a British business. They then formed a new Delaware corporation on 22 December 1924, the Anglo-Chilean Consolidated Nitrate Corporation Limited, which acquired all the assets of ACNRC. In 1929 they acquired another British nitrate business, the Lautaro Nitrate Company Limited, which had been founded in 1889. The family ran the companies separately until 1950, when they merged them into then Anglo-Lautaro Nitrate Corporation Limited. During the presidency of Salvador Allende, Chile nationalised its nitrate industry and the Guggenheims were forced to sell the assets of Anglo-Lautaro. In 1971 the government paid $7,885,590 for Anglo-Lautaro, which resulted in a $25,912,956 loss for the company. Historian Irwin Unger summarised the family's nitrate operations, saying, "All told, the nitrate venture had been a disappointment, and it diminished the family's role in the world of business. The Guggenheims soon ceased to be industrial movers and shakers and became known to the public primarily as patrons of the arts and sciences."<ref>Irwin Unger, ''The Guggenheims: A Family History'' (New York: Harper Collins, 2005), 174.</ref>

==== Nabors Drilling ====
Nabors Drilling, based in Calgary, was founded as an Alberta corporation in May 1952 as the Parker Drilling Company of Canada Limited, a wholly-owned subsidiary of the Parker Drilling Company. The American parent had been founded in Tulsa in 1934 by Gifford Cleveland Parker (1897–1967). By 1966 Clair Alson Nabors (1912–1993), originally of Texas, acquired control of the Canadian company and renamed it Nabors Drilling Limited.

=== Formation of the Anglo Company, 1972–1982 ===
After the demise of Anglo-Lautaro in 1971, the remnants of the business were reorganised into a new company, the '''Anglo Company Limited''', incorporated in the Bahamas.<ref>John H. Davis, ''The Guggenheims: An American Epic'' (New York: SPI Books, 1994), 392.</ref> Through the 1970s, Anglo's chairman Peter Lawson-Johnston (the son of Barbara Josephine Guggenheim) and president Albert C. Van de Maele (the husband of Joan Guggenheim) pursued an aggressive acquisitions program which included in 1974 a 52.4 percent stake in Nabors Drilling Limited. By 1978 Anglo had a 99 percent stake in Nabors. Other companies Anglo acquired included Minerec Corporation, Printex Corporation, Robert Garrett & Sons, and Motor Parts Industries. To finance the acquisition of the R. L. Manning Company, in May 1978 Anglo made a public offering of a new holding company, the Anglo Company Incorporated, a Delaware corporation. In 1981, Anglo Company Limited (Bahamas) and Anglo Company Incorporated (Delaware) became, respectively, Anglo Energy Limited and Anglo Energy Incorporated.

Also in 1981, Anglo sold Printex and entered the oil and gas exploration and production business via a partnership with the National Utilities and Industries Corporation. That year, Van de Maele retired and the William J. Johnson was appointed president.

=== Financial troubles, 1982–1988 ===
Shortly after Anglo had begun work in oil exploration, the 1980s oil glut began. In 1982 the company reduced its staff from 2,500 to 1,000, reported a quarterly loss of $7.8 million in September, and at year-end showed earnings of only $444,000 compared to $27 million the previous year. In 1983 the share value hit $6 after a 1981 high of $35, and in the first quarter lost $41 million. Only two years after he had assumed the presidency, Johnson stepped down and was replaced by Allen F. Rhodes. During 1983 Anglo abandoned its exploration and production activities and sold two-thirds of its oil field supply equipment. In November of that year the company filed for Chapter 11 bankruptcy. During its bankruptcy, Anglo's subsidiaries continued to operate. In August 1986 the company was restructured, Richard A. Stratton was appointed president, and in 1987 Eugene M. Isenberg was elected chairman. Anglo continued to lose heavily and in 1987 reported losses of $85.9 million against profits of $28.6 million. In February 1988 the company again filed for Chapter 11 protection. That March it sold the assets of the R. L. Manning Company and in May restructured and emerged from bankruptcy.<ref>Paula Kepos (ed.), ''International Directory of Companies, Volume 9'' (Detroit: St. James Press, 1994), 363-365.</ref>

=== Emergence as a drilling power, 1988–2011 ===
After emerging in May 1988 from Chapter 11, that November it purchased the Westburne Group, a major Canadian drilling and supply company. To reflect the centrality of its drilling operations, on 9 March 1989 Anglo Energy Limited and Anglo Energy Incorporated became Nabors Industries Limited (Bahamas) and Nabors Industries Incorporated (Delaware).

In 1990, Nabors acquired Loffland Brothers Drilling for $58 million. This provided Nabors a further 53 rigs. 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.<ref name="Nabors-Industries-Ltd-Apr-2007-DEF-14A">{{cite web |title=Nabors Industries Ltd, Form DEF 14A, Filing Date Apr 30, 2007 |url=http://edgar.secdatabase.com/1620/95013707006353/filing-main.htm |access-date=May 15, 2018 |publisher=secdatabase.com}}</ref>

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.<ref>[https://www.nabors.com/about-us/our-history "Nabors: Our History"']. ''Nabors Industries'', 10/23/19, accessed 10/23/19</ref>

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 [[Company:Hornbeck Offshore Services|Hornbeck Offshore Services]], including 20 offshore supply vessels (OSVs). The deal closed in early August 2007.<ref name="busweek">[https://archive.today/20130118190539/http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?symbol=NBR Nabors Industries Ltd. (NBR:NYSE), Company Description], Business Week</ref>

In 2010, Nabors purchased Superior Well Services company in a $736 million deal and entered the [[Engineering:Completion (oil and gas wells)|completion & production services]] market.

===2011 to present===

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 [[Company:Tengizchevroil|Tengizchevroil]] to the joint venture, "KMG Nabors Drilling Company".<ref>KazMunayGas [http://www.kmg.kz/eng/press-centr/press-relizy/?cid=0&rid=62 "KMG Nabors Drilling Company – a new prominent player at the drilling market in RoK"']. ''KasMunagyGas'', 10/07/15, accessed 23/09/19</ref>

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 [[Company:Tesco Corporation|Tesco Corporation]] in an all-stock transaction for $216 million. The acquisition was completed on December 15, 2017.<ref>WorldOil [http://www.worldoil.com/news/2017/8/14/nabors-agrees-to-acquire-tesco-corp-in-all-stock-transaction "Nabors agrees to acquire Tesco Corp. in all-stock transaction"']. ''WorldOil'', 8/14/17, accessed 9/17/17</ref>

In August 2017, Nabors announced the acquisition of Robotic Drilling Systems (RDS) from a Norway-based drilling company, Odfjell Drilling.<ref>OE Staff [http://www.oedigital.com/drilling/item/16099-nabors-buys-robotic-drilling-systems "Nabors buys Robotic Drilling Systems"']. ''Offshore Engineer'', 8/31/17, accessed 9/17/17</ref>

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.

== Leadership ==

{| style="width: 600px"
|- style="text-align: left"
!Chairman of the Board
!President
|- style="vertical-align: top"
|
Peter Lawson-Johnston, 1972–1986<br>
Eugene M. Isenberg, 1987–2011<br>
Anthony G. Petrello, 2011–present

|
Albert C. Van de Maele, 1972–1981<br>
William J. Johnson, 1981–1983<br>
Allen F. Rhodes, 1983–1986<br>
Richard A. Stratton, 1986–1992<br>
Anthony G. Petrello, 1992–present
|}

==Global operations==
As of 2018, Nabors Industries operates in more than 20 countries around the world. [http://naborsidstandards.com/Public/CSR_2015-FIN.pdf Annual Report]

{|
|-
|width="20"|&nbsp;
|valign="top"|
North America
*{{USA}}
*{{CAN}}
*{{MEX}}

South America
*{{ARG}}
*{{ECU}}
*{{COL}}
*{{VEN}}

{{col-3}}
Middle East
*{{SAU}}
*{{UAE}}
*{{KUW}}
*{{EGY}}
*{{IRQ}}
*{{OMN}}

Africa
*{{DZA}}

{{col-3}}
Europe
*{{RUS}}
*{{ITA}}

Asia
*{{IDN}}
*{{IND}}
*{{KAZ}}
*{{MYS}}
|}

==See also==
*[[Company:List of oilfield service companies|List of oilfield service companies]]

==References==
{{reflist}}

==External links==
* [http://www.nabors.com Nabors Industries]



[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Oilfield services companies]]

{{Sourceattribution|Nabors Industries}}