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

Published on 26/03/2015

Get your FREE Oilfield Technology magazine »

Get your FREE trial of Hydrocarbon Engineering magazine »

Get your FREE trial of World Pipelines magazine »


Related articles

Nabors Industries advised in spinoff of oil well maintenance unit

Milbank has advised Nabors Industries in its US$ 2.9 billion spinoff of the company’s oil well maintenance unit and its merger with C&J Energy Services.

North America: A continent in three parts

Nancy Yamaguchi, contributing editor, looks at North America's oil markets and the growing role of the Canadian oilsands.

North America and Canada update

A round up of news from North America and Canada.

North America update

Recent news from the downstream hydrocarbon processing industry

Recommend magazines

  Oilfield Technology