Updated: SapuraCrest up on talks with Australia-based Clough (06th July, 2011)

At 11.30am, SapuraCrest rose 10 sen to RM4.44 with 444,000 shares traded.

SAPURACREST PETROLEUM BHD shares rose on Wednesday, after the company said it was in talks with Australia-based Clough Ltd as part of its plans to grow regionally and expand its activities in the subsea and deepwater segments.

In a filing to Bursa Malaysia this morning, SapuraCrest said the discussions regarding Clough’s Marine CONSTRUCTION business may result in a proposed business acquisition, co-operation and/or other business arrangement with Clough.

Clough is a publicly listed Australian based engineering, construction and asset support contractor providing full project life cycle solutions primarily to the upstream oil and gas sector.

It is believed that the proposal is part of SapuraCrest’s effort to constantly explore opportunities to grow its businesses in the oil and gas sector over the near to medium term.
and which it expected to provide an opportunity for them to grow its regional presence, expand its activities in the subsea and deepwater segments as well as have access to a wider range of assets.

SapuraCrest said that while the parties continued to make good progress with their discussions, no binding arrangements have been entered into and there was no assurance that any transaction would ultimately be agreed or consummated. (The Edge Malaysia)