Nabors Signs Agreement to Sell Peak Oilfield Service Company LLC

HOUSTON, Sept. 30, 2013 /CNW/ - Nabors Industries Ltd. (NYSE: NBR) announced 
today that Bristol Bay Native Corporation (BBNC) has signed a definitive 
agreement with Nabors Alaska Services Corp. to acquire a 100 percent ownership 
interest in Peak Oilfield Service Company LLC (Peak). The acquisition is 
subject to customary closing conditions and 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. 
"For the past 25 years, Peak has provided safe and cost-effective 
construction, maintenance, industrial cleaning, power generation and 
transportation services to energy companies in Alaska and the northern United 
States. As a result of its excellent reputation with customers, Peak has 
strong potential growth opportunities as market conditions continue to improve 
and the industry benefits from recent tax legislation changes in Alaska," said 
Nabors Chairman, President and CEO Tony Petrello."We believe transferring 
ownership to BBNC, a very successful and diversified Alaska Native 
Corporation, will further strengthen Peak's long-term growth and future 
Petrello added, "This divestiture is consistent with our objectives to 
streamline our businesses and extract value from core operations while 
enhancing our financial flexibility. Proceeds from this transaction and other 
third quarter asset sales will more than cover the approximate $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. 
About Bristol Bay Native Corporation 
BBNC is a diversified Alaska Native Corporation with subsidiaries currently 
operating in the oilfield and industrial services, construction, government 
services, petroleum distribution and tourism industries. BBNC was established 
pursuant to the Alaska Native Claims Settlement Act of 1971. BBNC works to 
ensure the continuation of life and culture of its 9,400 shareholders - the 
Eskimo, Indian and Aleut natives of southwest Alaska's Bristol Bay region. 
About Nabors Industries 
Nabors owns and operates the world's largest land-based drilling rig fleet and 
has one of the largest completion services and workover and well servicing rig 
fleets in North America. Our company is a leading provider of offshore 
platform workover and drilling rigs in the U.S. and multiple international 
markets. Nabors provides innovative drilling technology and equipment, 
directional drilling and comprehensive oilfield services in most of the 
significant oil and gas markets in the world. 
Media Contact: Denny Smith, Nabors, +1 281 775 8038

SOURCE  Nabors Industries Ltd. 
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CO: Nabors Industries Ltd.
ST: Texas
-0- Oct/01/2013 01:00 GMT
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