Tanjung Offshore, Bourbon deal held up till mid-2015

According to a stock market announcement, Tanjung said the extension was to facilitate the physical inspection and valuation exercise of the vessels it was acquiring and complete due diligence work. This process is made more complicated by the large number of assets involved and their limited ability as they continue working.

Tanjung started talking about a deal with Bourbon and several Indonesian oil and gas outfits in June this year, the negotiation period was extended by a month when it ran out on.Sept 5.

The latest extension coincides with a non-compete clause that Tanjung has with Ekuinas that prohibits it from venturing into the OSV market until the middle of next year, which came about as a result of the sale of its vessels to Ekuinas for MYR220m ($67m) in 2012 and had been seen as a further complication to the deal's completion.

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