Dialog Group Berhad, through its wholly owned subsidiary, Dialog D&P Sdn Bhd has acquire a further 20% equity interest in Halliburton Bayan Petroleum Sdn. Bhd. (“HBP”) (“2nd Acquisition”) for a purchase consideration of USD6.576 million, equivalent to approximately RM27.2 million
In a statement to Bursa Malaysia, the Group said the they has enter into a Supplemental Share Purchase Agreement (“SSPA”) with Asia Energy Services Sdn. Bhd. (“AES”), a wholly subsidiary of Halliburton International, Inc making the HBP is now 95% owned by Dialog following 25% first equity interest acquisition in August 2019. The balance 5% is held by AES
In November 2012, Dialog D &P Sdn. Bhd. (DDP), a wholly owned subsidiary of DIALOG, subscribed to 50 per cent equity in Halliburton Bayan Petroleum Sdn. Bhd. (HBP) from Asia Energy Services Sdn. Bhd. (wholly owned subsidiary of Halliburton International Inc.).
HBP is the independent technical service contractor for the Oilfield Services Contract (“OSC”) entered into with Petronas Carigali Sdn Bhd (“PCSB”), to provide Contractor Services required to enhance the recoverable reserves from the Bayan Field. The Bayan Field is located offshore Bintulu, Sarawak with a term of 24 years (up to 2036).
The Group remains optimistic of the future prospects of the Bayan Field and is confident that HBP will continue to contribute positively to the Group’s results for the remaining 17 years of the OSC, in line with the Group’s strategy of generating long term recurring income.
