Nabors purchases CIRI’s interest in Peak

CIRI sold its 50 percent interest in Peak Oilfield Service Co. to Nabors Industries Ltd. (Nabors), its longtime business partner, on July 29, 2011. CIRI and Nabors each owned 50 percent of Peak and Alaska Interstate Construction LLC. The companies will continue their relationship as 50-50 owners of Alaska Interstate Construction LLC.

CIRI and Nabors have enjoyed a long and successful partnership as owners of Peak. CIRI and Nabors, the largest land-based oil drilling company in the world, combined Peak Maintenance and Equipment Co. and Kodiak Oilfield Haulers in 1987. Peak has since become an industry leader in oil and gas exploration support, heavy hauling, logistics and workplace safety.

Peak’s management team will remain in place, and CIRI anticipates that under Nabors’ ownership the company will continue to provide the same high level of service its customers have grown to expect. CIRI and Nabors are companies with different business needs, strategies and goals. Commonplace in partnership agreements, the Peak joint venture agreement provided a mechanism for one company to buy out the other company’s interest in Peak through a buy/sell provision. Nabors’ management team determined that it should purchase CIRI’s interest in Peak and the two companies completed this transaction in late July.

CIRI extends its appreciation to the entire Peak team for its dedication and years of excellent service. Peak has played an important role in CIRI’s history, and the Peak employees have been valued members of the CIRI family who will be missed.