GREENWICH, Conn., June 26, 2014 /PRNewswire/ --Blue Harbour Group, L.P., owner of approximately 6 million shares of Nabors Industries Ltd., today expressed support for Nabors' agreement to merge its completion and production business with C&J Energy Services, Inc. - Nabors' latest and most significant action to focus the company on its attractive land drilling rig businesses while unlocking shareholder value. In addition to its ownership position in Nabors, which it established in the second quarter of 2013, Blue Harbour has served as an advisor to Nabors on its strategic review process since the second half of 2013.
Cliff Robbins, Blue Harbour's CEO, stated, "We congratulate the management and board of Nabors for undertaking a compelling and mutually beneficial transaction with CJES. Over the past year since Nabors invited Blue Harbour to serve as an advisor for its strategic review process, we have shared the goal of identifying the best path for unlocking the substantial value of Nabors' assets. We believe this transaction will allow Nabors shareholders to benefit from the significant growth potential and synergies in the completion and production business, and allow Nabors management to fully focus on delivering on the significant opportunity embedded in their domestic and international land drilling rig businesses."
Blue Harbour Group was formed in 2004 to pursue an Active Ownership investment strategy by acting as a lead minority shareholder primarily in U.S. publicly traded companies, and working collaboratively with managements and boards to identify initiatives to create and unlock shareholder value.
Blue Harbour manages approximately $3 billion in capital on behalf of institutional investors.
Contact:
Adam Weiner
212-521-4800
adam-weiner@kekst.com
SOURCE Blue Harbour Group, L.P.
