KUALA LUMPUR (June 29): Dialog Group Bhd (Dialog), through wholly-owned subsidiary Dialog D&P Sdn Bhd, has acquired the balance 5% equity interest in Halliburton Bayan Petroleum Sdn Bhd (HBP) from Asia Energy Services Sdn Bhd for RM7.5 million.
HBP, an independent technical service contractor which has an oilfield services contract with Petronas Carigali, would become Dialog’s indirect wholly-owned subsidiary, it said.
“This is in line with the group’s strategy to continue expanding and deepen its upstream investments, as well as increase its opportunities for synergies with the group’s integrated technical services,” the oil and gas service provider said in a filing with Bursa Malaysia today.
Dialog said it also planned to change HBP’s name to Dialog Bayan Petroleum Sdn Bhd.
The latest purchase marked the third acquisition in HBP, after completing the group’s first and second purchases on Aug 27, 2019 and Dec 13, 2019 respectively, which resulted in Dialog D&P owning a 95% stake.
Upon completion of the acquisition,HBP provides contractor services required to enhance the recoverable reserves from the Bayan field, located offshore Bintulu, Sarawak, with a term of 24 years (up to 2036) under the oilfield services contract signed with Petronas Carigali .
Dialog said it remained optimistic on the prospects for Bayan Field and is confident that HBP would continue to contribute positively to the group’s results, in line with its strategy of generating long-term recurring incomes.
