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<p dir="ltr"><a href="http://www.tanjungoffshore.com.my" target="_blank"><span style="text-decoration: underline; color: #0000ff;">Tanjung Offshore Bhd</span></a> and Bourbon Far East Pte Ltd have aborted the proposed asset injection that would have resulted in a reverse takeover of Tanjung offshore by Paris-based <a href="http://www.bourbonoffshore.com" target="_blank"><span style="text-decoration: underline; color: #0000ff;">Bourbon SA</span></a>.</p></article>

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<p dir="ltr"><a href="http://www.tanjungoffshore.com.my" target="_blank"><span style="text-decoration: underline; color: #0000ff;">Tanjung Offshore Bhd</span></a> and Bourbon Far East Pte Ltd have aborted the proposed asset injection that would have resulted in a reverse takeover of Tanjung offshore by Paris-based <a href="http://www.bourbonoffshore.com" target="_blank"><span style="text-decoration: underline; color: #0000ff;">Bourbon SA</span></a>.</p>
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<p dir="ltr">In an announcement on Bursa Malaysia, the oil and gas company said that it and a vendor group consisting of Farid Khan Bin Kaim Khan and his business partners &#8211; Mower Tunggal Jaya PT, Megagold Indonesia PT and Zona Maju Mapan PT &#8211; and Bourbon Far East Pte Ltd, had mutually terminated the heads of agreements with immediate effect.</p>
<p dir="ltr">The termination is without any legal and financial recourse against each other.</p>
<p dir="ltr">The company further explained that the parties have decided to 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”.</p>
<p dir="ltr">The mutual termination is not expected to have any material impact on the net assets and profitability of Tanjung for the financial year ending December 31, 2014.</p>
<p dir="ltr">Tanjung’s announcement addresses a report in the Edge Financial Daily on Monday that said the parties were calling off the RTO deal.</p>
<p dir="ltr">The RTO was initially drawn based on Tanjung Offshore’s share price of 70.8 sen in June, about 55 per cent premium to the current market price of 32 sen.</p>
<p dir="ltr">The share price tumbled from a high of 65 sen in June to 33 sen yesterday, which reportedly prompted the company’s executives to reconsider the proposed RTO exercise.</p>
<p dir="ltr">Tanjung Offshore announced on June 5, that it had entered into two HoAs to acquire the marine offshore businesses from Bourbon Far East, Farid Khan and his business partners, and BNI shareholders and their business partners.</p>
<p dir="ltr">According to the HoAs, the assets to be injected into Tanjung Offshore include controlling or majority interests in six entities that collectively own 18 offshore support vessels and five anchor handling tug supply vessels.</p>
<p dir="ltr">The HoAs also included, an injection of a 51 per cent stake in licensed ship manager Bourbon Offshore Mitra Sdn Bhd, a 100 per cent stake in Bahtera Sri Kandi Sdn Bhd, a licensed contractor of <span style="text-decoration: underline; color: #0000ff;"><a href="http://www.petronas.com.my/" target="_blank">Petroliam Nasional Bhd</a> (Petronas)</span>, and a 100 per cent equity interest in <a href="http://http://www.bahteraniaga.com/" target="_blank"><span style="text-decoration: underline; color: #0000ff;">Bahtera Niaga Indonesia (Labuan) Ltd</span></a>.</p>
<p dir="ltr">Tanjung Offshore would have then issued new shares to the parties at 70.8 sen each.</p>
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Tanjung Offshore, Bourbon terminate deal

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