UK: Freshfields Bruckhaus Deringer Advises Petronas International Corporation on Premier Oil plc Restructuring
Last Updated: 18 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.

"We were delighted that we could assist Petronas in such an important and complex transaction, which not only involved intricate structuring relating to PICL’s exit from Premier Oil, but also complicated arrangements in relation to the acquisition from Premier Oil of its 26.67% stake in the Yetagun field in Myanmar, which potentially may involve the other existing partners." said Jeffery Roberts, corporate partner, Freshfields Bruckhaus Deringer.

Freshfields Bruckhaus Deringer’s team included: Jeffery Roberts, lead partner; Rob Kent, partner; corporate associates Bruce Embley, Ben Lamb, Martin Penn and Angelina Elliott and tax associate Helen Buchanan.

ENDS

For more information contact: Jeffrey Roberts, partner T +44 20 7832/7537 E
jeffrey.roberts@freshfields.com or Anna Mitchell, head of public relations, +44 20 7785 2033 E
anna.mitchell@freshfields.com

Notes for editors

With 196 partners and more than 540 associates worldwide, Freshfields Bruckhaus Deringer is widely acknowledged as having on of the leading international corporate practices. The group advises on all aspects of corporate law for both public and privately owned clients including: mergers and acquisitions, joint ventures and corporate restructurings.

Freshfields Bruckhaus Deringer is a leading international law firm. With 506 partners and more than 2400 lawyers in 29 offices around the world, it provides a comprehensive worldwide service to national and multinational corporations, financial institutions and governments.

Media representatives can register to receive electronic copies of press releases as they are added to our website by visiting the News section of www.freshfields.com

 
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