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Vol. 20, No. 40 Week of October 04, 2015
Providing coverage of Alaska and northern Canada's oil and gas industry

Arctic Directory October 2015: C&J and Nabors announce transaction completion

C&J Energy Services Inc. and Nabors Industries Ltd. announced the completion of the combination of C&J with Nabors’ completion and production services business. The resulting combined company, which has been renamed C&J Energy Services Ltd., is one of the largest completion and production services providers in North America and is led by the current C&J management team, with Josh Comstock serving as CEO and chairman of the board, and Randy McMullen as president and CFO. New C&J is headquartered in Bermuda and its common shares have been listed on the NYSE under the ticker symbol “CJES.” Nabors received approximately $688 million in cash from C&J as a portion of the consideration for the transaction and now owns approximately 53 percent of the outstanding and issued common shares of New C&J, with the remainder held by former C&J shareholders.

The transaction was originally announced on June 25, 2014, with the execution of a definitive merger agreement to combine C&J with Nabors’ completion and production services business in the U.S. and Canada. Under the terms of the transaction agreements, Nabors separated its completion and production services business in the United States and Canada from the rest of its operations and consolidated this business under New C&J. A Delaware subsidiary of New C&J then merged into C&J, with C&J surviving the merger as a subsidiary of New C&J. Effective upon closing of the transaction, common shares of C&J have been converted into common shares of New C&J on a 1-for-1 basis.



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