Subsea 7 ends joint venture with Sapura Energy
UK-based subsea engineering, construction and services company Subsea 7 has made an agreement with Malaysia’s Sapura Energy Berhad to discontinue the SapuraAcergy joint venture.
SapuraAcergy’s 2008-built heavy-lift and pipelay vessel, Sapura 3000, has been sold to a subsidiary of Sapura Energy Berhad, Subsea 7 said on Tuesday.
The purpose-built construction vessel which can lay shallow and deepwater pipelines is also fitted with a fully revolving mast crane suitable for lifts up to 3000ST. The vessel executed Malaysia’s first two deepwater development projects for the Kikeh and Gumusut-Kakap fields.
Based in Malaysia, the SapuraAcergy JV was an engineering and construction service provider. The company has operated in Malaysia, Vietnam, Myanmar, Thailand, India, China, Australia, Japan, Mexico and Brunei.
The decision by Subsea 7 and Sapura Energy Berhad to discontinue the joint venture reflects the evolution of both companies’ long-term strategic priorities, the UK company said.
“Subsea 7 remains committed to the Asia Pacific region, with offices located in Malaysia, Australia, Indonesia and Singapore,” the company said.
“Having full ownership of Sapura 3000 will further enhance the group’s competitive positioning in the engineering and construction segment,” Sapura Energy said in a Bursa Malaysia filing on Tuesday.
Offshore Energy Today Staff