If you look at the transcript, Petrello says that the company's current woes (poor capital deployment, etc) are all due to bad management decisions that were made from 2006-2010. That really should have begged the question about Isenberg's pay and that of the current management. Some analyst should have asked whether there were any initiatives to tie compensation to performance. But alas, these guys are all in bed with the analysts.
FWIW, Waqar Syed is a longtime oil patch insider, and he's the Goldman analyst who made the "conviction buy" call. It makes no sense that he'd be wrong on NBR. The fact remains that NBR is undervalued based on assets alone and their drilling/servicing franchise is being valued at nothing. Even in a terrible quarter they had 400M+ cash flow, and .30 earnings. Personally, I think a complete change in management (a la CHK) is required to unlock value here.