Tanjung Offshore cancels Bourbon takeover deal

Tanjung Offshore cancels Bourbon takeover deal

Kuala Lumpur: Low oil prices have forced Malaysia-listed Tanjung Offshore to cancel its plans to take over Bourbon Far East, part of France-based Bourbon Offshore.

The two offshore and subsea support providers mutually agreed today to terminate the heads of agreements in relation to the proposals.

The agreement will take immediate effect without any legal and financial recourse against either party.

“The parties have decided to mutually terminate the proposals as the economic and financial conditions for an agreement satisfying both parties cannot be met in view of the declining oil prices,” Tanjung Offshore said today in an exchange filing. [29/12/14]