Malaysian Drilling Services Firm UMW-OG To Buy Icon Offshore

Reuters

KUALA LUMPUR, Jan 19 (Reuters) - Malaysian offshore drilling services company UMW Oil & Gas Corp Bhd (UMW-OG) on Thursday said it would buy offshore support vessel provider Icon Offshore Berhad after agreeing to a share sale with its major shareholder.

UMW-OG said it would first acquire government-linked private equity firm Ekuiti Nasional Berhad's (Ekuinas) indirect stake of 42.3 percent in Icon for new UMW-OG shares.

It then plans to take over the remaining shares of Icon for 50 sen per share using either cash or new UMW-OG shares at 80 sen per share, the company said in a statement.

Separately, state-owned conglomerate UMW Holdings - which owns a near 56 percent stake UMW-OG - said it would exit the oil and gas business by distributing UMW-OG shares to entitled shareholders.

(Reporting by Liz Lee; editing by Jason Neely)

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
 
Landman - Midstream Surface Land
Expertise: Landman
Location: The Woodlands, TX
 
Land Specialist - Delaware Basin
Expertise: Landman
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours