Bristol Bay Native Inks Deal With Nabors Alaska To Buy Peak Oilfield Service

(RTTNews) - Nabors Industries Ltd. (NBR) announced that Bristol Bay Native Corp. has signed a definitive agreement with Nabors Alaska Services Corp. to acquire interest in Peak Oilfield Service Company LLC. The acquisition is expected to close during the fourth quarter of 2013.

Due to its unique and diverse capabilities, Peak is a leading Alaska energy support services company serving customers located primarily within the Alaska North Slope, Cook Inlet, Valdez and North Dakota regions.

Nabors Chairman, President and CEO Tony Petrello stated that the proceeds from this transaction and other third quarter asset sales will more than cover about $207 million premium paid to refinance $785 million of higher-cost debt through our recent tender offer which reduced annual interest expense by over $40 million.

Simmons & Company International is acting as financial advisor to Nabors in the sale of Peak to BBNC.