DIALOG Group Berhad (“DIALOG” or “the Company”) is pleased to announce that DIALOG has on 15 November 2023 acquired the entire equity interest in Tarpon Platform Systems Malaysia Sdn. Bhd. (“Tarpon Malaysia”) and all assets (tangible and intangible) of Tarpon Systems International II, LLC (“TSIL”), including all intellectual property held for use of the Business (as defined below) for a cash consideration of approximately USD 1.19 million (or approximately RM 5.5 million) (the “Acquisition”).
Tarpon Malaysia provides engineering, construction, installation and maintenance services to upstream energy companies that use the Tarpon platform system (“Business”). The Tarpon system is a cost-effective alternative to traditional wellhead platforms and has been used extensively in water depths less than 90m.
The Acquisition is in line with DIALOG’s strategy to continue to expand and diversify across the upstream, midstream, downstream and renewable businesses of the energy sector, thereby increasing opportunities for synergies within DIALOG Group.
DIALOG will remain focused and steadfast in the pursuit of diversification across the energy sector to strategically position the Group to weather different economic and oil price cycles, and is optimistic of the future prospects of Tarpon Malaysia contributing positively to the Group’s results, which is in line with the Group’s strategy of generating long term recurring income.