Milbank advises Nabors in closing spinoff of merger
Published by Joseph Green,
Editor
Oilfield Technology,
Milbank, Tweed, Hadley & McCloy LLP has advised leading oil exploration and servicing company Nabors Industries Ltd. on the closing of the merger of its completion and production services unit with oilfield services provider C&J Energy Services, for which Nabors will receive nearly US$688 million in cash and stock worth an approximate 53% ownership stake in the combined company.
The Milbank team representing Bermuda-based Nabors was led by New York-based Corporate partner Charles Conroy.
The Nabors-C&J deal is expected to produce one of the largest oil well maintenance businesses in North America. The new entity will retain the C&J name and be run by C&J management. Nabors will continue its strategic focus on its core drilling operations.
Mr. Conroy said, “We are pleased to once again be representing Nabors, in helping achieve a strategic reorientation of its drilling business and enhance its financial position, while gaining it a majority share in what is now a leading diversified maintenance and services company.
Adapted from press release by Joseph Green
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/26032015/milbank-advises-nabors-spinoff-merger-708/
You might also like
bp progresses plans for the significant Bumerangue discovery, offshore Brazil
bp has provided an update following its significant hydrocarbon discovery at the Bumerangue block, located in the pre-salt Santos Basin, offshore Brazil.
