Sapura Energy Berhad (“SEB”) wishes to clarify that its joint venture with Seadrill, namely Sapura Navegacao Maritima SA (“SNM”), is not impacted by the recent Chapter 11 cases filed by several Seadrill subsidiaries operating in Asia.
In a clarification to Bursa Malaysia today, SEB states the Chapter 11 filing by Seadrill does not involve SNM or entities related to the corporate structure of the joint venture. SEB stressed that the filing has no financial impact on SEB’s business plans and financial strength.
SNM is the only joint venture between Sapura Energy and Seadrill. Headquartered in Rio de Janeiro, SNM is one of the leading subsea services operators in the Brazilian market, with a fleet of submarine service vessels providing support, installation and flexible pipe laying expertise to clients in the region. The company has a workforce of more than a thousand professionals, from 21 different nationalities.
SEB’s clarification was in response to a media report linking Seadrill’s Chapter 11 filing of its Asian units, to the Brazil-based SNM.
In the clarification, SEB also explained that the filing has no effect on its contracts with Petrobras, which forms the main revenue for SNM; and does not trigger any cross default for the joint venture’s business financing.
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