Newfield Exploration To Sell Stakes In Newfield Malaysia Holdings

(RTTNews) - Newfield Exploration Company (NFX) said it signed a share purchase deal to sell all of its equity interests in Newfield Malaysia Holdings to SapuraKencana Petroleum Berhad for $898 million in cash.

The deal, which is expected to close in early 2014, is subject to the approval of Petroliam Nasional Berhad, or PETRONAS, under the applicable Production Sharing Contracts, the purchaser's shareholder approval and customary closing conditions.

Newfield said it would use the proceeds from the sale to pay down existing debt and for general corporate purposes. Goldman, Sachs & Co. is acting as financial advisor on the sale of Newfield's international businesses.