Woodside Petroleum Limited has signed a binding purchase and sale agreement with ConocoPhillips to acquire ConocoPhillips Senegal BV.

The $430m deal includes net customary adjustments of $80m, and will be funded by Woodside through its existing liquidity.

ConocoPhillips Senegal has 35% stake in a production sharing contract covering three offshore exploration blocks off the coast of Senegal.

"The deal is estimated to be worth approximately $600m."

Scheduled for completion by the end of 2016, the transaction will allow Woodside to expand its offshore oil and gas business in Senegal.

United Arab Shipping Company S.A.G. (UASC) plans to dispose its stake in United Arab Chemical Carriers Ltd (UACC).

UASC has engaged Bank of America Corporation to find buyers for the deal, which is estimated to be worth approximately $600m, according to the sources.

UACC owns a fleet of 24 medium-range and Panamax LR1 chemical and product tankers.

The divestment is a part of UASC’s plans to merge with Hapag-Lloyd AG, according to sources.