Nabors names new CFO

New job: William Restrepo takes over as Nabors CFO

US land-rig giant Nabors Industries has appointed a new chief financial officer to fill a position that has sat vacant for more than five years.

William Restrepo, who currently serves as the chief financial officer of Pacific Drilling, will serve in the same role at Nabors starting 28 February.

Nabors has been without a formal chief financial officer since around October 2008, when Bruce Koch resigned from the role for undisclosed reasons. Several months later, Koch and Nabors settled claims brought by the former chief executive over his "employment and termination of employment", according to reports at the time.

"Nabors has been seeking to fill the CFO role with someone possessing financial management and operational skills and experience who can meaningfully add to our senior management team. We believe William Restrepo is that person," Nabors chief executive Anthony Petrello said in a statement.

Petrello touted Restrepo's 30 years of financial and operational management experience in areas such as financial accounting, internal audit, operations and mergers and acquisitions, among other things.

Nabors spokesman Bill Conroy said that after Koch left, the company felt it "had enough financial resources with the team in place and we didn't need to fill that slot".

After long-time chief executive Gene Isenberg retired in 2011, Conroy said, "a chunk of the financial expertise left as well".

"Since then, there has been a realisation... that we need to augment the financial team and find someone with real strength and experience," Conroy said.

He stressed that Nabors has not been looking for a chief financial officer for the past five years.

Prior to his job with Pacific, Restrepo, 54, worked as the chief financial officer for seismic player Seitel and at Smith International until it was taken over by Schlumberger.

Pacific said last week that Paul Reese, its current vice president controller, would take over for Restrepo as chief financial officer.

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