15 November 2011
Singapore, 15 November 2011 – Baker & McKenzie.Wong & Leow, the member firm of Baker & McKenzie International in Singapore, advised Scomi Group Bhd in respect to its divestment of its drilling waste management services businesses in the US and Mexico. The deal is valued at approximately USD35 million. The team was led by Corporate & Securities partner Jon Worsfold and supported by Associate Gerald Heng. Baker & McKenzie International’s member firms in Houston and Mexico City were supporting offices. The deal adds to the Firm’s strong expertise and experience in the global Energy, Mining & Infrastructure sector space.
Scomi Group Bhd, which is listed on the Bursa Malaysia Securities Bhd, and its group companies (“Scomi”) are involved in three core businesses, namely: Oilfield Services, Transport Solutions and Marine Services. Scomi offers drilling fluids and related engineering services, drilling waste management solutions, distribution of related oilfield products and services, marine vessel services, machine shop services, urban transportation solutions involving monorail systems and buses, supply of industrial and production chemicals and carbon dioxide separation. Scomi employs over 3,000 employees in 62 offices in 27 countries and derives most of its business from its international operations, which is backed by almost 50 years of experience in the industry servicing numerous local and multinational companies.
Commenting on the deal, Jon Worsfold said, “Scomi has transformed itself into an integrated solutions provider in niche markets by harnessing the synergies across its various businesses. We are pleased to have advised Scomi on this important transaction which demonstrates our Firm’s ability to offer quality of advice seemlessly across our global network.”
A representative from Scomi commented, “We are pleased with the level and quality of service provided by Baker & McKenzie given the complex structure of the divestment and the seemless manner in which all of its offices collaborated to complete the transactions within our targeted timeline. With this strategic divestment, Scomi’s oil and gas business will be harnessing its strength in the growing oil and gas markets of the Eastern Hemisphere to strengthen its balance sheet and put it on track for the execution of a more aggressive Asian expansion strategy.”
Credit Suisse Singapore was the financial advisor for the transaction.