Dayang Ups Stake in Perdana, Aims to be a Leading Offshore Services Player

Malaysia's Dayang Enterprise Holdings, with subsidiaries providing offshore oil and gas services, entered into a conditional share sale agreement with Affin Hwang Asset Management Berhad to acquire 5.74 percent shares in local offshore marine services firm Perdana Petroleum Berhad (PPB) for $18.7 million (MYR 66.60 million), the company said in a filing with stock exchange Bursa Malaysia Thursday.

Upon completion of the share purchase, Dayang's stake in PPB will rise to 35.51 percent, triggering a mandatory general offer (MGO) for the remaining shares not owned by the firm.

The acquisition "represents an opportunity for Dayang and its subsidiaries (Dayang Group) to pursue its expansion strategy and long-term objective of evolving into a market leader for the provision of hook-up construction and commissioning (HUCC) services within the O&G industry. PPB is a strategic fit to Dayang's HUCC business and the successful completion of the Proposed MGO may result in the combined entity becoming one of the largest integrated HUCC players in the market. In addition, the Proposals also fowards Dayang's aspiration of becoming a regional player within the O&G industry," the company said.

In addition, Dayang believed that the acquisition of PPB could help serve the long-term contracted jobs of the company and provide operational and cost synergistic benefits, while boosting the competitive advantage of the combined business entity.


Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)
 -  What Kind of Salary Potential Do Geote... (Sep 8)

Most Popular Articles

From the Career Center
Jobs that may interest you
Account Manager
Expertise: Business Development
Location: Houston, TX
Consultant Civic & Political Engagement Job
Expertise: HR - General|PR / Corporate Communications
Location: Denver, CO
Drilling Engineering Manager - Delaware Basin
Expertise: Drilling Engineering|Drilling Manager|Engineering Manager
Location: Midland, TX
search for more jobs

Brent Crude Oil : $55.48/BBL 0.25%
Light Crude Oil : $49.91/BBL 0.04%
Natural Gas : $3.15/MMBtu 4.30%
Updated in last 24 hours