Bristol Bay Native Corp. will purchase Peak Oilfield Service Co., a veteran Alaska oilfield support company, from Nabors Industries Ltd., according to an Oct. 1 announcement.
Peak provides field support services on the North Slope, Cook Inlet and in North Dakota. BBNC is owned by 9,400 Alaska Native shareholders in Southwest Alaska.
The corporation is now active in industrial facility inspection and corrosion control services on the Slope and elsewhere through its Kakivik Asset Management subsidiary and owns a wholesale fuel distribution company in the U.S. Northwest. BBNC is also in construction, government services and tourism.
The corporation had $1.9 billion in revenues and $41 million in net income in its most recent fiscal year, which closed last March.
"We're very excited about this. We've set our sights in recent years on a major acquisition in Alaska to provide opportunities for our shareholders and to expand our presence in Alaska's major industry, oil and gas," Jason Metrokin, BBNC's president, said in an interview.
The deal will close in about 30 days and many details are still confidential including the purchase price, Metrokin said. Nabors Industries officials were not available to comment on the sale.
The acquisition is the latest development in a trend of Alaska Native-owned companies purchasing major oilfield service companies active in Alaska and elsewhere.
Doyon Ltd., a Fairbanks-based Native corporation, owns Doyon Drilling Ltd., a major North Slope drilling company that is a competitor to Nabors Alaska Service Co. Doyon also builds pipelines, the latest being one east of Prudhoe Bay to the Point Thomson gas and condensate field being developed by ExxonMobil Corp.
Arctic Slope Regional Corp. of Barrow, the Native corporation for northern Alaska Inuit shareholders, owns and operates ASRC Energy Services, which provides construction and other field services on the North Slope, Cook Inlet and in the Gulf of Mexico.
NANA Regional Corp. of Kotzebue, in northwest Alaska, provides camp services and security on the North Slope and owns and operates a Gulf of Mexico offshore platform support service company in Louisiana. NANA also owns the Red Dog Mine, the world's largest lead-zinc mine.
Native corporations also have a stake in North Slope producing fields. ASRC is a part owner of the producing Alpine and Badami fields on the slope own leases state lands for exploration it does itself, while NANA holds a small working interest in the Endicott field, also on the slope.
Alaska Native development corporations were formed under the 1971 Alaska Native Claims Settlement Act, in which Congress resolved aboriginal land claims in Alaska with a $962 million cash settlement and transfer of 44 million acres of Alaska lands to the corporations.