Takeover speculation mounts for Tanjung Offshore

Kuala Lumpur: The mooted reverse take over of Tanjung Offshore by Singapore-based Bourbon Offshore Asia through an asset injection exercise is the likely reason for Tanjung Offshore's market suspension for up to three days which started yesterday.

The reverse take over would give Bourbon Asia a simple way to speedily get listed while rates for OSVs remain buoyant.

One hurdle that would need to be handled is a non-compete clause Tanjung Offshore has with Ekuiti Nasional, the firm that owns Icon Offshore. [04/06/14]

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