Sapura Energy Berhad’s wholly-owned subsidiary Sapura 3000 Private Limited entered into a Memorandum of Agreement with Safeen Feeder Company – Sole Proprietorship LLC, a company in the Abu Dhabi Ports Group of Companies, for the disposal of its pipe-laying and crane vessel known as Sapura 3000 for a total cash consideration of USD71.5 million or approximately RM312.8 million.
The price of the vessel was based on a willing buyer willing seller basis, after conducting an international Request for Proposal process. The proposed asset disposal exercise is part of the cash strapped group’s reset plan, to improve its liquidity position, streamline its operating model, and provide greater flexibility for its potential growth.
Sapura adds the cash generated from the proposed disposal will be utilised for working capital and to reduce the borrowings of the group. It expects the sale of the asset to be completed by the middle of July, this year.
The Sapura 3000 is 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. Sapura 3000 was built in 2008 and is currently sailing under the flag of Malaysia.