Perisai Petroleum will pay $50 million in cash and issue another $20 million worth of shares for 100% equity interest in Garuda Energy.
Industry sources said Garuda will act as the asset holding unit for Perisai’s mobile offshore production business in place of the Malaysian listed entity’s 2009 joint venture with another private-owned outfit, Gryphon Energy.
Garuda Energy will own a recently converted mobile offshore production unit, Rubicone, that will go on bareboat charter to Gryphon Energy.
The
