Rex International unit to divest interest in Barents Sea licence

Singapore

A 90 per cent-owned unit of Rex International Holding will divest its 20 per cent participating interest in the Barents Sea licence PL850 to an external third party, as part of a bid by the oilfield services firm to focus on its core assets and areas close to infrastructure in the Norwegian North Sea.

The sale, effective from Jan 1, 2018, is pending regulatory approval.