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Tanjung Offshore to buy into oil and gas firm

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.

Vincent Wee, Hong Kong and South East Asia Correspondent

June 11, 2013

1 Min Read
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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.

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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