Houston-based Nabors Industries, one of the largest contract drilling firms in the US, has seen tremendous growth and success over the years. Integral to that success is Eugene Isenberg, chairman and CEO. Decades ago, Isenberg started on a journey to share his success with others. In an interview recently, Isenberg told me his efforts to promote education will always be first and foremost.
In early September, Isenberg contributed once again to that effort as 76 students were awarded scholarships from The Isenberg Education Fund. The fund was created to provide charitable and educational assistance to employees of Nabors Industries and their dependents. The $350,000 in educational stipends will assist the students in the pursuit of post-secondary and graduate degrees during the upcoming 2010-2011 academic year.
Isenberg donated the entire after-tax proceeds of his salary to the Isenberg Education Fund and these first Isenberg Scholarships.
The majority of the 76 recipients were awarded scholarships in the range of $5,000 - $15,000. In this, the scholarship's first year, recipients from 20 states will be attending accredited colleges throughout the US, including: Texas A&M University, University of Houston, University of Virginia, University of Southern Mississippi, Houston Baptist University, University of Alaska Fairbanks, The University of Texas at Austin, University of Arkansas, Stanford University, and Texas Tech University, among others.
"I've always believed that education is the single most important gift someone can give and am thrilled this fund will help provide recipients with the opportunity to learn, grow, and become professionals in their chosen careers," Isenberg said.
Applicants for the awards are chosen by an independent selection committee, which reviews and ranks each candidate based on academic achievement, leadership, and extracurricular accomplishments. The committee also considers academic transcripts, aptitude test scores, and personal recommendations.
"Education is crucially important and can aid in the solution of almost any problem," Isenberg commented. He plans to award the Isenberg Scholarships yearly as part of his vast and continuing efforts that started decades ago after discussions with friends. Isenberg had been involved in the transformation of Nabors from bankruptcy to an investment grade company and wanted to share his success with others.
Today he leads numerous philanthropic endeavors and over the past two decades has gifted approximately $26 million in charitable donations. Isenberg has focused over $18 million of his contributions on educational causes and children's organizations, with the balance of his support
provided to major hospitals, medical care facilities, and the arts.
His first major gift was to UMASS (University of Massachusetts), Amherst. He currently serves as president of the UMASS Amherst Foundation where he has donated over $10 million and endowed three professorships at the University. The UMASS Isenberg School of Management was named in recognition of this donation, as well as significant other contributions toward facilities and scholarships.
He is the founding and continuing sponsor of the Parkside School, a school for special needs children in Manhattan, having contributed $3.6 million since 1988. Isenberg also established and endowed a $750,000 fund at Alaska Pacific University to support its health services administration program. In addition, Isenberg supports Massachusetts General Hospital, LIFE Disabled Veterans, the United Way, the Alaskan Special Olympics, Childrens Cancer Research Fund, the Houston Fund for Teachers, the Energy Fund for Teachers, as well as many other charitable organizations.
The Isenberg Education Fund is part of The Nabors Charitable Foundation, which was formed in 2005 for the primary purpose of providing assistance to Nabors employees. The Foundation has provided relief to employees affected by Hurricanes Katrina, Rita and Ike, and more recently committed to match employee contributions made to the Red Cross following the earthquakes in Haiti. The Foundation derives virtually all of its funding from employee and director contributions.
Isenberg is thankful for the ability to share his good fortune to help others. "People are so appreciative of the gifts received," he said. "It is great to be in a position to do so," he concluded.
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