SapuraKencana buys Newfield Malaysia

SapuraKencana Petroleum Berhad has completed acquistion of Newfield International Holdings Inc.’s entire equity interest in Newfield Malaysia Holding Inc.

Newfield International Holdings Inc. had invited international bids for the acquisition of the assets and SKPB was selected as the winning bidder after a two-stage bidding process.

The total Purchase Price payable amounting to US$ 898 million was subject to adjustments as set out in the SPA. After incorporating the adjustments, the Adjusted Purchase Price paid was US$895.9 million.

This acquisition was completed through SapuraKencana Energy Inc. (“SKEI”), a newly incorporated wholly owned subsidiary. With the completion of the sale process, SKEI now has fully taken over the shares of Newfield Malaysia Holding Inc. and its subsidiaries which have equity interest in 8 Production Sharing Contracts (PSCs) and one alliance contract in Peninsular Malaysia, Sabah and Sarawak.

“The closing of the share purchase agreement comes within the anticipated timeline. We would like to thank all parties involved in the process especially Petroliam Nasional Berhad (“PETRONAS”) and SapuraKencana’s shareholders for their support thus enabling us to proceed with the closing,” said Tan Sri Dato’ Seri Shahril Shamsuddin, President and Group CEO of SapuraKencana Petroleum Berhad.

“We look forward to working closely with PETRONAS and our other PSC partners in realising the full potential of the existing fields. We will leverage on the proven track record and capabilities of the Company in managing a profitable business backed by an excellent HSE and operational performance record. With the completion of this acquisition, we will further strengthen the organisation and are confident that we will be able to grow this business and provide a unique value proposition to our partners as well as our shareholders.

“SKPB had identified the upstream sector as another potential growth area and our participation in the Berantai RSC marked our entry into this area. SKEI will spearhead the SKPB Group’s upstream business which is expected to be another core division and a significant contributor to the Group. This acquisition will provide us with a strong platform for SKEI to further tap the opportunities that are available in Malaysia as well as selected regions. We are looking at an exciting next few years to grow this company,” Tan Sri Dato’ Seri Shahril Shamsuddin added.

Press Release, February 11, 2014

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply