Milbank, Tweed, Hadley & McCloy LLP advised Nabors Industries Ltd. (“Nabors”), owner and operator of the world’s largest land-based drilling rig fleet, in the acquisition of all issued and outstanding common shares of Tesco Corporation (“Tesco”), a global leader in the design, manufacture and service of technology-based solutions for the upstream energy industry.
The transaction will combine Canrig, Nabors’ rig equipment subsidiary, with Tesco’s rig equipment manufacturing, rental and aftermarket service business, to create a leading rig equipment and drilling automation provider.
The transaction is subject to regulatory approval and customary closing conditions and is expected to close in the fourth quarter.
The Nabors deal team was led by Julia Wright, General Counsel of Nabors, and Joe Walker, Assistant General Counsel of Nabors. The Milbank team was led by Corporate partners Charles Conroy and Scott Golenbock, with associates Kyle Smit and Hannah Hwang. The Milbank team advising on the transaction also included Global Capital Markets partner Brett Nadritch; Antitrust partner Fiona Schaeffer; Executive Compensation partner Mike Shah and associates Nicholas DeLuca and Kelly Bartley; Tax special counsel Max Goodman and associate Michael Goon.
“We are honored that Nabors once again chose Milbank to advise on such a groundbreaking and significant transaction, which will enable the company to further enhance its financial position and expand its global footprint,” said Mr. Conroy.
Mr. Golenbock added: “This transaction will bring tremendous experience and opportunity to Nabors, and to the oil and gas industry more broadly. We are pleased with the role our team played in making this impactful transaction possible.”
