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Freshfields Bruckhaus Deringer Advises Petronas International Corporation on Premier Oil plc Restructuring
Mondaq Business Briefing, September, 2002
Petronas International Corporation Limited (PICL) has agreed to exit its investment in Premier Oil plc, as part of a restructuring of the oil company on its US$670 million transformation into a fully independent company. PICL and other stakeholder Amerada Hess, will both cancel their 25 per cent shareholdings in Premier Oil plc. Freshfields Bruckhaus Deringer advised PICL on its US$506.5 portion of the deal.
In 1999, Premier entered into an alliance with PICL and Amerada Hess with the intention of creating a leading independent oil and gas exploration and production company. Upon completion of the restructuring, shareholdings of PICL and Amerada Hess are to be cancelled by means of a reduction of capital under section 135 of the Companies Act 1985.
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