Tanjung Offshore, Bourbon Cancel Deal

Malaysian group Tanjung Offshore Berhad and Bourbon Far East Pte Ltd have jointly agreed to terminate exclusive discussions initiated in spring 2014.

In June this year, the companies entered into exclusive discussions for the sale of 51% ownership of nine BOURBON Offshore Support Vessels operating in Malaysia.

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.

“The mutual termination is not expected to have any material impact on the net assets and profitability of Tanjung for the financial year ending 31 December 2014,” the company said.