Bristol Bay Native Corporation to Acquire Peak Oilfield Service Company
Anchorage, AK – Bristol Bay Native Corporation (BBNC) today announced that it has signed a definitive agreement with Nabors Alaska Services Corp., a subsidiary of Nabors Industries Ltd. (NYSE: NBR) to acquire a 100% ownership interest in its subsidiary, Peak Oilfield Service Company LLC (Peak). The acquisition is subject to customary closing conditions, but is expected to close in the fourth quarter of 2013.
Peak is a leading Alaskan energy support services company, with a unique and diverse set of capabilities, which allow it to support the needs of its customers located primarily on the North Slope, Cook Inlet, Valdez and North Dakota. 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.
Statement of Jason Metrokin, President and CEO of BBNC, on the acquisition of Peak:
BBNC is pleased to announce the acquisition of Peak Oilfield Service Company. Peak is a longstanding and respected business employing hardworking Alaskans. It is an industry leader in safety and environmental performance. Peak’s commitment to providing the highest quality professional services fits well with BBNC’s long-term strategic objectives. Peak’s business model enhances BBNC’s ability to accomplish our core mission of enriching our shareholders’ Native way of life. We look forward to the opportunities this acquisition will bring to our corporation and shareholders.
Wells Fargo Securities, LLC acted as financial advisor to BBNC, and Davis Wright Tremaine acted as legal counsel.
BBNC was established pursuant to the Alaska Native Claims Settlement Act of 1971. BBNC works to ensure the continuation of the life and culture of its over 9,400 shareholders – the Eskimo, Indian and Aleut Natives of Southwest Alaska’s Bristol Bay region.