Wednesday, July 6, 2011

SapuraCrest in talks with Aussie-based Clough for expansion plans

KUALA LUMPUR: SAPURACREST PETROLEUM BHD [] is in talks with Australia-based Clough Ltd as part of its plans to grow regionally and expand its activities in the subsea and deepwater segments.

In a filing Wednesday, July 6, SapuraCrest said the discussions regarding Clough's Marine CONSTRUCTION [] business may result in a proposed business acquisition, co-operation and/or other business arrangement with Clough.

Clough is a publicly listed Australian based engineering, construction and asset support contractor providing full project life cycle solutions primarily to the upstream oil and gas sector.

'The proposal is part of SapuraCrest's effort to constantly explore opportunities to grow its businesses in the oil and gas sector over the near to medium term.

'The proposal is expected to provide an opportunity for SapuraCrest to grow its regional presence, expand its activities in the subsea and deepwater segments as well as have access to a wider range of assets,' it said.

SapuraCrest said that while the parties continued to make good progress with their discussions, no binding arrangements have been entered into and there was no assurance that any transaction would ultimately be agreed or consummated.

'The company will provide further updates as well as any future financial impact on the company as appropriate,' it said.

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