Nabors Industries

Nabors Industries

Nabors Industries was founded in 1968 as Anglo Energy, initially a small oilfield services provider before Chairman and CEO Anthony Petrello — then COO — transformed it through acquisitions into the largest land-drilling contractor on earth. The firm is incorporated in Bermuda but run from Houston, reflecting the dual structure of many global energy equipment operators. Its rise paralleled the American fracking boom; Nabors provided the high-spec rigs that unlocked the Permian, Bakken, and Marcellus basins for producers. Today it operates in Saudi Arabia, Argentina, Oman, Algeria, and across the Lower 48. The firm's strategy is asset-heavy: it designs, manufactures, and deploys drilling rigs, then contracts them to supermajor and independent oil and gas producers. Nabors reports a global fleet of approximately 300 rigs (per company filings, 2024), with roughly one-third configured for high-intensity pad drilling. Beyond rigs, its portfolio includes directional drilling services, casing-running tools, and fully automated rig software under the SmartROS and Rigtelligent brands. In recent years the firm has directed capital toward energy transition applications — deploying its drilling expertise into geothermal projects and acquiring a stake in an emissions-capture technology developer. Nabors employed about 12,000 people globally in its latest filing, with principal engineering and training centers in Houston, Calgary, and Saudi Arabia. Anthony Petrello, who became CEO in 2011 and Chairman in 2012, holds a mathematics Ph.D. from Yale and has run the firm for more than two decades through cycles of $100 oil and pandemic-era collapses. The firm spun off its international well-servicing business in 2022 and reorganized its Middle East and Asia operations into a standalone joint venture, Nabors Energy Transition Solutions, in 2023 (per the firm's official communications). Nabors is structurally unusual among energy-service providers: it is simultaneously an original equipment manufacturer, a technology licensor, and an operator of drilling fleets. Unlike peers that specialize in one segment — rig manufacturing, directional drilling, or software — Nabors owns the full stack. This vertically integrated model means it competes with both National Oilwell Varco's manufacturing division and Schlumberger's drilling services. Its publicly traded holding company structure also separates it from single-family-office wealth managers, though the Petrello family remains a significant shareholder through personal and trust-held stakes.