Malaysian Oil Firms Merge

Friday, December 16, 2011 @ 04:12 PM gHale

Malaysia’s Kencana Petroleum will pay $3.7 billion in a merger deal for SapuraCrest Petroleum to create the world’s fifth-largest oil and gas service provider.

The merger should wrap up by February with the new entity listed in March, pending regulatory approvals, Kencana said in a statement.

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The merger would create an entity that is competitive in the international arena, with a workforce of 9,000 staff in more than 20 countries, said Kencana Chief Executive Mokhzani Mahathir.

Integral will undergo a name change to Sapura Kencana Petroleum Berhad following its listing, said SapuraCrest Vice Chairman Shahril Shamsuddin.

He said the merged entity would have contracts in hand totaling $4.1 billion) of which half would be from overseas — mainly Brazil, Australia, India and the Middle East.

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