C&J Energy and Nabors Industries complete combination transaction

HAMILTON, Bermuda -- C&J Energy Services, Inc. and Nabors Industries Ltd. have completed the combination of C&J with Nabors' completion and production services business.

The resulting combined company, which has been renamed C&J Energy Services Ltd., is one of the largest completion and production services providers in North America led by the current C&J management team, with Josh Comstock serving as CEO and Chairman of the Board, and Randy McMullen serving as President and CFO. C&J Energy Services Ltd. is headquartered in Bermuda.

Nabors received approximately $688 million in cash from C&J as a portion of the consideration for the transaction and now owns approximately 53% of the outstanding and issued common shares of C&J Energy Services Ltd., with the remainder held by former C&J shareholders.

Josh Comstock, Founder, Chairman and CEO of C&J Energy Services Ltd., said, "Among the many strategic benefits of this combination is the transformative increase in scale, driving the rapid advancement of our goal of growing C&J from what we started as a single-crew pressure pumping company to what is now a leading diversified provider of technologically advanced oilfield services."