More News
ENERGY & OFFSHORE | Staff Reporter, Singapore

Noble sells marketing and offtake deal for $13.32m

It is expected to lose $8.96m as the asset was underpriced.

Noble agreed to sell its marketing and offtake agreement and some debt contracts with a petrochemicals firm to Tricon Energy for $13.32m (US$10.1m).

In an SGX announcement, Noble said the assets are no longer considered to be part of Noble Group’s core businesses. The sale is expected to gain proceeds of $13.18m (US$10m). It is expected that the net proceeds will be made available for general working capital purposes.

As at 30 September 2017, the book value and net tangible asset value of the assets were approximately $22.27m (US$16.9m). The deficit of the consideration over the book value of the assets is around $8.96m (US$6.8m). The loss on the proposed disposal would amount to approximately $8.96m (US$6.8m).

It noted that the assets being disposed of were previously included in its Global Oil Liquids business and Energy segment for reporting purposes. “Following the conclusion of the monetisation of Noble Group’s Global Oil Liquids and North American Gas and Power businesses, Noble Group is focusing on its Hard Commodities, Freight and LNG businesses and in solidifying its position as the leading industrial and energy products supply chain manager in the Asia Pacific region.” 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.