Sapura Energy Sells Pipelayer to UAE-firm for $71.5M

Malaysian company Sapura Energy has agreed to sell its pipe-laying and crane vessel Sapura 3000 for $71.5 million to Safeen Feeder Company – Sole Proprietorship LLC, a company in the Abu Dhabi Ports Group of Companies.

"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," Sapura Energy said.

The cash generated from the proposed disposal of Sapura 3000 will be utilized for working capital and to reduce the borrowings of the group. Sapura Energy expects the sale of the asset to be completed by the middle of July, this year.

According to Sapura Energy, 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.