Malaysian offshore services provider Sapura Energy has initiated an asset sale process to improve its balance sheet position with the disposal of the 2008-built heavy-lift and pipelay vessel Sapura 3000.
.The company’s subsidiary has entered into a memorandum of agreement with Safeen Feeder Company, a company in the Abu Dhabi Ports group of companies, for the disposal of the vessel for around $71.5m.
The cash generated from the proposed sale will be utilised for working capital and to reduce the borrowings of the group. The sale should complete by the middle of July this year.
In a filing with Bursa Malaysia, Sapura Energy said the move is part of the ‘group’s reset plan’, which focuses on the company’s long-term sustainability by “improving its liquidity position, streamlining its operating model, and providing greater flexibility for strategic growth.”
