KUALA LUMPUR: Sapura Energy Bhd’s wholly-owned subsidiary, Sapura 3000 Pte Ltd, has entered into a memorandum of agreement (MoA) for the disposal of its vessel, known as Sapura 3000, for US$71.5mil (RM312mil)

       The MoA to sell the pipe-laying and crane vessel was signed last Friday with Safeen Feeder Company – Sole Proprietorship LLC, a company in the Abu Dhabi Ports Group.

       “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 group’s reset plan, which focuses on Sapura Energy’s long-term sustainability by improving its liquidity position, streamlining its operating model and providing greater flexibility for strategic growth,” it said in a filing with Bursa Malaysia yesterday.

       It said the cash generated from the proposed disposal of Sapura 3000 will be utilised for working capital and to reduce the borrowings of the group.

       The sale of the asset is expected to be completed by the middle of July this year.

       Sapura 3000, 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, was built in 2008 and is currently sailing under the flag of Malaysia. — Bernama