Milbank advises Nabors in closing spinoff of merger

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/