Monday, 3 October 2011

Puncak acquires Global Offshore Malaysia

Malaysian water treatment company Puncak Niaga will fully acquire construction and subsea services company Global Offshore Malaysia (GOM) and pipelay barge owner KGL for $59 million, the company has announced.

Puncak had agreed to spend $23.6 million to acquire a 40% stake in the companies in May this year under an arrangement with Global International Vessels, with an option to acquire the remaining 60% at a later date.

Puncak told Bursa Malaysia Thursday that it had had decided to exercise that option – meaning the two companies would become its subsidiaries with immediate effect.

At the time of its May acquisition, the company said in an announcement that the acquisition would give it a platform for entry into the oil and gas industry.

“With the acquisition ... Puncak Group will have the necessary licences required to undertake oil and gas works in conjunction with Petronas,” it said at the time.

“The acquisition will enable Puncak Group to make further forays into the oil and gas industry which the Group has identified as a sector (in which) it intends to strengthen its presence and emerge as a significant player.”

GOM was awarded the contract for integrated transportation and installation of offshore facilities for the first stake of a pipelay barge contract for Petronas Carigali and a consortium of ten other oil companies, Puncak said at the time.

Labuan-based KGL is the owner of pipelay barge DLB 264.