Subsea 7 and Sapura Energy Terminate Joint Venture
Subsea 7 has agreed with Sapura Energy Berhad to discontinue the SapuraAcergy joint venture.
SapuraAcergy’s heavy-lift and pipelay vessel, Sapura 3000, has been sold to a subsidiary of Sapura Energy Berhad.
The decision by Subsea 7 and Sapura Energy Berhad to discontinue the joint venture reflects the evolution of both companies’ long-term strategic priorities. Subsea 7 remains committed to the Asia Pacific region, with offices located in Malaysia, Australia, Indonesia and Singapore, the Oslo-listed company said on Tuesday.
As a result of the discontinuation of the joint venture and the sale of Sapura 3000, Subsea 7 said it expects to receive approximately USD 100 million in cash dividends, and recognise a loss of approximately USD 10 million in the third quarter.