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(Image courtesy of Newfield Exploration)

Houston-based Newfield Exploration has completed the sale of its offshore Malaysia business to SapuraKencana Petroleum Bhd. for $898 million.

According to Newfield, the sale was completed after a bidding exercise was conducted that involved the participation of over 40 companies.

The Houston company said earnings from the deal will be used to help reduce short-term borrowings and for general corporate use.