Friday, 31st October 2014
31st October 2014

Tanjung Offshore to buy into oil and gas firm

Vincent Wee
By from Hong Kong

 

More moves are afoot in Malaysia with Tanjung Offshore reported to be in the final stages of a MYR1bn ($318.2m) deal to acquire a controlling stake in a foreign oil and gas (O&G) company that owns and manages several offshore oil rigs.

Local reports quoted sources as saying that if the deal goes through, this would clear the way for a change in Tanjung Offshore's main business. The company was previously an offshore supply vessel (OSV) operator and owner, before selling that business.

Although it has MYR100m in cash from the disposal of its shipping assets, Tanjung Offshore has been struggling to perform over the past year.

According to sources, Tanjung Offshore would fund the purchase by issuing new shares and bonds as well as through cash, with investment bankers and advisers in the process of being appointed.

Headlines Asia / LIVEFROM

Page: 1 / 5

We use cookies to improve our website and your experience when using it. Cookies used for the essential operation of the site have already been set. To find out more about the cookies we use and how to delete them, see our privacy policy.

I accept cookies from this site.