By Carlos Caminada
Nabors has been under attack for overpaying its executives while its shares have tanked over th
e past few years. The company’s value, worth as much as $14 billion in 2008, has plunged to about $800 million.
Chief Executive Officer Anthony Petrello, who has been among the highest-paid executives in the oil industry, agreed to take a pay cut this year, forfeiting $4 million in restricted stock in exchange for a symbolic award worth $1,500. The salary for Petrello, who took over as CEO in October 2011, is also dropping 10% this year to $1.58 million.
Jim Crane is also the chairman of power utility Champion Energy Services LLC. He couldn’t be reached for comment.
While incorporated in Bermuda, Nabors’ operational headquarters are in Houston.