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Monday, May 30, 2022

Sapura Energy unit sells pipe-laying vessel for RM312mil


Sapura 3000 Pte Ltd’s sale of the vessel is expected to be completed by the middle of July this year. (Sapura Energy pic)

KUALA LUMPUR: Sapura Energy Bhd’s wholly-owned subsidiary, Sapura 3000 Pte Ltd, has entered into an agreement to sell a pipe-laying vessel, Sapura 3000, for US$71.50 million (RM312 million).

The deal was signed on Friday with Safeen Feeder Company, a unit in the Abu Dhabi Ports Group.

“The price of the vessel was based on a willing buyer, willing seller basis, after conducting an international request for proposal process,” Sapura Energy said in a stock exchange filing.

It said the cash generated from the proposed disposal of Sapura 3000 would be utilised for working capital and to reduce the borrowings of the group.

The sale of the asset is expected to be completed by the middle of July this year.

Sapura 3000, a versatile heavy-lift pipe-laying vessel, equipped with a 3,000 short tonnes revolving mast crane capable of executing deep and shallow water projects, was built in 2008 and is currently sailing under the Malaysian flag. - FMT

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