Anticipating lengthy ‘tough operating conditions’ MISC sells semi-sub stake

Kuala Lumpur: Energy giant MISC is selling off its 50% stake in the semi-submersible Gumutsut-Kakap to E&P Ventures Solutions for $305.7m. E&P Venture Solutions is a wholly-owned subsidiary of Petronas Carigali. The move is in line with the board’s decision to strengthen MISC’s financial position “to weather tough operating conditions in the shipping industry which is expected to prolong,” the shipping line said in a statement to the local exchange.  [12/11/12]

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