Bristol Bay Native Corp. buying Peak

Bristol Bay Native Corp. has signed an agreement to acquire Peak Oilfield Services Company LLC from Nabors Alaska Services Corp. The companies said Sept. 30 that the acquisition is subject to customary closing conditions, with closing expected in the fourth quarter.

Peak provides support for the oil and gas industry companies in four primary areas: the Alaska North Slope, Cook Inlet, Valdez and North Dakota.

BBNC is a diversified Alaska Native corporation, with subsidiaries operating in oilfield and industrial services, construction, government services, petroleum distribution and tourism.

Nabors Alaska Services Corp. is a subsidiary of Nabors Industries Ltd., which owns and operates the world’s largest land-based drilling rig fleets and has one of the largest completion services and workover and well services fleets in North America.

“This divestiture is consistent with our objectives to streamline our businesses and extract value from core operations while enhancing our financial flexibility,” Tony Petrello, Nabors Industries chairman, president and CEO, said in a statement. “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,” he said.

“Peak’s commitment to providing the highest quality professional services fits well with BBNC’s long-term strategic objectives,” Jason Metrokin, president and CEO of BBNC, said in a statement. “Peak’s business model enhances BBNC’s ability to accomplish our core mission of enriching our shareholders’ Native way of life,” he said.

BBNC already has two companies providing services to the oil and gas industry: CCI Industrial Services and Kakivik Asset Management.

—Petroleum News