Sapura Energy, Subsea 7 agree to scrap joint venture
Date: 17.10.2017.

Publication Source: The Sun Daily

Sapura Energy Bhd and Subsea 7 SA have mutually agreed to discontinue the SapuraAcergy joint venture.

As a consequence, Sapura Energy has now become the sole owner of Sapura 3000, a self-propelled, dynamically positioned heavy lift derrick and pipelay combination vessel.

“Having full ownership of Sapura 3000 will further enhance the group’s competitive positioning in the engineering and construction segment. Sapura 3000 has established a strong track record in executing heavy-lift, pipelay and decommissioning work for shallow and deepwater projects globally, including projects in Mexico, Japan, China, Australia and the Southeast Asia region. Sapura 3000 also successfully executed Malaysia’s first two deepwater development projects for the Kikeh and Gumusut-Kakap fields,” Sapura Energy said in a stock exchange filing.

The purchase of Sapura 3000 by the group from the SapuraAcergy joint venture will contribute to the SapuraAcergy joint venture recognising a loss in the current financial year ending Jan 31, 2018. However, it is not expected to have a material effect on the net assets of the group.