Malaysian offshore oilfield services provider UMW Oil and Gas has been given more time to complete the acquisition of firms Icon and Orkim.
The company announced their intention to purchase Icon Offshore Berhad in January this year in a deal worth $132million.
They also announced plans to buy Orkim for $106.2 million.
But UMW agreed to extend the period available to conduct due diligence on both companies, in letters sent this week.
The period available to conduct due diligence on the firms has been extended until 19 May 2017.
The cut-off date for the parties to fulfil, waive or complete the deal will be extended by an additional three months to 19 July 2017.
Speaking when the takeover plans were announced, Rohaizad Darus, UMW-OG’s president said: “This exercise aims to create a major integrated offshore service provider with diversified earnings through exposure in the upstream and downstream segment of the oil & gas industry.”
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