Under the leadership of Tony Petrello, Nabors Industries has become one of the most technologically proficient drilling companies in the world today. While neighbors has long had a history of technological innovation and implementation of highly innovative drilling solutions in some of the toughest environments on earth, under Petrello’s leadership, Nabors Industries has become a true global leader in the development of high-tech drilling equipment.
One of the ways in which Petrello has led the company to develop into a powerhouse of technological innovation is through their software development unit. The company has developed a number of highly sophisticated software-based drilling solutions, including ROCKIT performance drilling software. This software allows for the highly precise placement of drill bits and the tapping of well heads in ways that dramatically increase the efficiency of drilling operations. The company has also developed a large number of other application-specific software platforms, including those that the company hopes will someday lead to full automation of on-land drilling sites.
Under Petrello’s vision of an oil services company dedicated to taking its business into the future on the back of hi-tech innovation and development, Nabors Industries has taken out a flurry of patents and has devised the most highly complex technical innovations in the drilling sector. As a result of all of this innovative activity, Nabors Industries has been able to license a large number of its patents and inventions for use by other companies and drilling sites across the globe. This has provided yet another strong source of revenue for the company, helping to drive its stock price from a low of just $0.50 per share in 1991 to well over $50 per share, not accounting for the stock split.
This phenomenal performance is yet another testament to the leadership and vision of Tony Petrello. It’s a good bet that under his leadership, Nabors Industries will continue to lead the way in the U.S. drilling space over the decades to come.