Houston independent Newfield Exploration Co. has closed on the sale of its business offshore Malaysia to SapuraKencana Petroleum Bhd. for $898 million.
The share purchase agreement was originally executed on Oct. 22, 2013, with an effective date of June 30, 2013 (OGJ Online, Oct. 22, 2013). Newfield said the agreement was executed after it conducted a bidding exercise involving more than 40 companies.
Newfield said proceeds from the sale will be used to reduce short-term borrowings under the company's credit facility and for general corporate purposes.
As the company continues to divest its international assets, it will continue reporting its financial and operating results for its international businesses as “discontinued operations.”