UMW gets more time to complete Icon, Orkim buy

Malaysian offshore oilfield services provider UMW Oil and Gas has yet to complete the acquisitions of Icon Offshore and Orkim.

To remind, the company in January announced it would buy Icon Offshore, a Malaysian offshore vessel owner, from HOSB, a subsidiary of Ekuinas Capita.

Separately, UMW said it would buy Orkim, an operator of clean petroleum product transportation vessels, held by TKSB also held by Ekuinas, for a cash consideration of $106.2 million.

The transactions are subject to various conditions including a due diligence conducted by all the parties involved.

In a statement on Thursday, UMW said it has agreed with HOSB and TKSB to extend the period available to conduct due diligence.

The period available to conduct due diligence on the Icon Group and the Orkim Group by UMW-OG as well as the period available to conduct due diligence on the UMW-OG Group by HOSB will be be extended to 19 May 2017;  and the Cut-Off Date available to the parties to fulfil, waive or complete the deal will be extended by an additional three months to 19 July 2017.

As previously reported, UMW explained the rationale behind the acquisition as “an opportunity to spearhead the call for industry consolidation involving Malaysia’s largest jack-up rig player, largest pure play owner and operator of offshore support vessels, and the largest owner and operator of CPP marine transportation vessels in the country.”

The combination of these three companies, UMW said, is expected to create a major integrated offshore service provider across the oil and gas chain, comprising of seven jack-up rigs, one semi-submersible rig, 37 OSVs, 14 clean petroleum product vessels and two liquefied petroleum gas marine transportation vessels.

Offshore Energy Today Staff

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