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Milbank, Tweed, Hadley & McCloy LLP advised Nabors Industries Ltd. (“Nabors”) on its joint venture with the Saudi Arabian Development Company (“Saudi Aramco”), a wholly-owned subsidiary of the Saudi Arabian Oil Company to own, manage and operate onshore drilling units in the Kingdom of Saudi Arabia, with operations anticipated to commence in the second quarter of 2017.
The Joint Venture will leverage Nabors’ established business in Saudi Arabia to begin operations, with a focus on Saudi Arabia’s existing and future onshore oil and gas fields. Saudi Aramco and Nabors will each contribute land rigs to the Joint Venture in the first years of operation along with capital commitments toward future onshore drilling rigs which will be manufactured in Saudi Arabia.
The deal team was led by Julia Wright, General Counsel of Nabors and Nick Bigney, Senior Counsel of Nabors, working with the Milbank team in London and New York. Global Project, Energy and Infrastructure Finance partner Manzer Ijaz in London and senior associates, Faraaz Samadi, Suzanne Szczetnikowicz and Munib Hussain and associates Emily Whittaker and Kilian de Cintre worked on the transaction in London and Saudi Arabia.
In addition, a US team led by Corporate partner Charles Conroy and Capital Markets partners James Ball and Brett Nadritch and associate Lara Assaf advised on the matter.
Manzer Ijaz commented: “The fact that our team has been called to advise the company who owns and operates the world’s largest land-based drilling rig fleet in a strategically-important joint venture is a clear endorsement of the outstanding technical skills of this trans-Atlantic cross-practice team.”
Charles Conroy noted: “We are gratified to have been able to work with Nabors on this important and groundbreaking matter. Our combined Energy, Projects and Corporate expertise in London and New York enabled us to efficiently help Nabors execute this transaction.”
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that provides innovative legal services to clients around the world. Founded in New York 150 years ago, Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC.
Milbank’s lawyers collaborate across practices and offices to help the world’s leading commercial, financial and industrial enterprises, as well as institutions, individuals and governments, achieve their strategic objectives.
