Tanjung Offshore and Bourbon join forces

Tanjung Offshore and Bourbon join forces

Kuala Lumpur: There’s been plenty of trading of shares in Tanjung Offshore Bhd today in Kuala Lumpur after the company announced its proposed acquisition of marine offshore business from Singaporean businessmen Farid Khan Kaim Khan, Bourbon Far East Pte Ltd and several Indonesian oil and gas players.

Tanjung Offshore, in a filing to Bursa Malaysia yesterday, said the proposed acquisition would provide Tanjung Offshore an opportunity to capitalise on regional growth potential in the offshore vessels services industry.

It said the acquisition would be settled via an issuance of new shares that would eventually result in a reverse takeover of the company.

French OSV giant Bourbon said yesterday that Tanjung Offshore and Bourbon Far East have entered into exclusive discussions for the sale of 51% ownership of nine Bourbon OSVs operating in Malaysia.

Tanjung Offshore has invited Bourbon to become a shareholder in the company, the French firm said.  [06/06/14]