SAPURA 3000 Pte Ltd, a wholly owned subsidiary of Sapura Energy Bhd, has signed a memorandum of agreement for the disposal of its vessel for US$71.5 million (RM222 million).

The agreement to sell the crane and pipe-laying vessel with Safeen Feeders, a company under the Abu Dhabi Ports Group, was sealed last Friday.

“The price of the vessel is based on a willing buyer-willing seller basis after an international request for proposal process,” said Sapura Energy in a filing with Bursa Malaysia today.

“The proposed asset disposal exercise is part of the group’s reset plan, which focuses on its long-term sustainability by improving its liquidity position, streamlining its operating model, and providing greater flexibility for strategic growth.”

It said the money generated from the proposed disposal of the vessel will be used for working capital and to reduce its borrowings.

The sale of the asset is expected to be completed by mid-July.

The versatile heavy-lift pipe-laying vessel was built in 2008 and is currently sailing under the flag of Malaysia. – Bernama, May 30, 2022.