Morgan Lewis Advises Newfield Exploration On Malaysia Exit
Morgan, Lewis & Bockius is advising Newfield Exploration Co. on the $898 million sale of its Malaysian offshore oil and gas interests.
The company has signed a share purchase agreement to sell all of its equity interests in Newfield Malaysia Holdings to SapuraKencana Petroleum Bhd., the oil arm of the family-controlled Sapura Group, in an all-cash deal. SapuraKencana beat out more than 40 other companies with its winning bid.
The deal is subject to the approval by state-owned Petroliam Nasional Bhd., with which Newfield has production sharing contracts in Malaysia, as well as SapuraKencana shareholders. The deal is expected to close early next year.
Texas-based Newfield first entered Malaysia in 2004, but the company earlier this year decided to sell its international businesses to focus on domestic resource plays. The money raised from the sale will go toward paying down existing debt and for general corporate purposes.
Houston partner David Asmus led the Morgan Lewis team advising Newfield, with help from Houston partner Joseph Roger, London partner Mathew Kidwell, Palo Alto partner Barton Bassett, New York partner Gary Rothstein, and Brussels partner Izzet Sinan. The Newfield in-house team was led by General Counsel John Marziotti. Skrine partner Faizah Jamaludin advised on Malaysian law matters.
London-based LXL served as external counsel for SapuraKencana, with partner Alan Jones heading the firm’s advisory team.