Welcome!

News Feed Item

Nabors Mourns the Loss of Former Chairman and CEO Eugene Isenberg

HAMILTON, Bermuda, March 18, 2014 /PRNewswire/ -- Nabors Industries Ltd. (NYSE: NBR) announced today that former Chairman and CEO Eugene Isenberg passed away on March 16. Isenberg served as Chairman of the Board of Directors and Chief Executive Officer from 1987 until late 2011. During his 25-year tenure, Isenberg grew Nabors from bankruptcy to an S&P 500 index company with an enterprise value exceeding $9 billion.

"Our thoughts and prayers go out to Gene's wife, Ronnie; his two daughters, Diane and Lynda; his beloved grandchildren and his entire family," said Chairman and CEO Anthony G. Petrello. "Gene was a pioneer for Nabors in many ways. He was very forward-thinking and all of our employees are grateful for his leadership. He was responsible for establishing the principles that steered the company from a minor player to the largest land driller in the world, a feat more remarkable since it was accomplished during one of the most challenging periods in the inherently cyclical drilling industry.   His financial acumen, drive, aggressiveness—and humor—were all legendary. He was a teacher to many.  His quests to succeed and his demands to perform stretched everyone, motivating them to meet his high expectations.  His legacy includes the vibrant company made up of 29,000 highly skilled people that we have today."

Isenberg received a bachelor's degree from the University of Massachusetts, a master's degree from Princeton University and completed the Program for Senior Executives at MIT.  He began his career with Exxon Corporation in 1952 and subsequently was Chairman and principal shareholder of a steel building products company prior to joining Nabors.

In 1974, New York-based Anglo Energy acquired control of Nabors Drilling. After a decade of ownership, a decline in the economy and a depressed oil and gas energy market forced Anglo into bankruptcy. Isenberg and the well-known value investor, Marty Whitman, acquired a sizable position in the company in 1986 and subsequently convinced creditors to trade debt for equity, strengthening the company's financial position. They took control of the company and changed the name from Anglo to Nabors, a brand that enjoyed a strong reputation in Alaska and Canada.

In 1987, Nabors was an Alaska-based driller with 320 employees.  Through a combination of well-priced strategic acquisitions and internal growth, the Company grew to where it is now – a leading worldwide service company with operations in 25 countries.

Outside of Nabors, Isenberg served as a member of the Board of Governors of the National Association of Securities Dealers (NASD), the National Association of Securities Dealers Automated Quotation (NASDAQ), and the American Stock Exchange.  He was also a member of the National Petroleum Council, which advises the U.S. Secretary of Energy. 

Isenberg often noted that his success far surpassed any expectations he had when he was younger.  He, therefore, offered philanthropic support to causes he believed in, particularly education, medicine and the performing arts. Isenberg was a particularly strong advocate of education, often making resources available to those unable to afford or access quality education.  He held leadership positions in numerous educational and philanthropic organizations.   He was President of the UMASS (University of Massachusetts) Amherst Foundation where he endowed three professorships in environmental science, technology management and engineering.  The UMASS Isenberg School of Management was named in recognition of these contributions, as well as significant other contributions he made toward facilities and scholarships. 

Isenberg and his wife were instrumental in the founding and support of the Parkside School in New York, which provides special education to elementary school children from diverse ethnic, social and economic backgrounds who have a range of language-based learning difficulties. He was also a contributor to Massachusetts General Hospital, LIFE Disabled American War Veterans, Columbia University Medical School, Palm Beach Opera and numerous other charitable and performing arts organizations.  

Most recently, he founded the Isenberg Education Fund which provides educational scholarships to Nabors employees and their families.  To date, that fund has provided support to more than 300 Nabors employees and their families.

About Nabors Industries

Nabors owns and operates the world's largest land-based drilling rig fleet and has one of the largest completion services and workover and well servicing rig fleets in North America. Our company is a leading provider of offshore platform workover and drilling rigs in the U.S. and multiple international markets. Nabors provides innovative drilling technology and equipment, directional drilling and comprehensive oilfield services in most of the significant oil and gas markets in the world.

Media Contact:
Denny Smith, Nabors, +1 281 775 8038

 

SOURCE Nabors Industries Ltd.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Isomorphic Software will exhibit at SYS-CON's [email protected] at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, high-productivity enterprise web applications for any device. SmartClient couples the industry’s broadest, deepest UI component set with a java server framework to deliver an end-...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.