SapuraCrest Forms JV with Acergy
SapuraCrest Petroleum Bhd received shareholders' approval to establish a joint venture between its wholly-owned unit Nautical Essence Sdn Bhd and Norwegian oil and gas company Acergy (formerly known as Stolt Offshore M S Ltd).
The venture, to be incorporated in Malaysia, will build, own, operate and maintain a self-propelled heavy lift derrick and pipelay combination vessel called the Sapura 3000.
Both companies had earlier signed a conditional co-operation agreement in August 2005.
SapuraCrest expects all the required approvals, apart from its shareholders, to be in place by the end of the month.
Executive vice chairman Datuk Shahril Shamsuddin is confident that the venture will bring long-term value to the company.
"We are very pleased that the shareholders see value in this partnership. They (Acergy) bring with them a great deal of deep water knowledge and experience which help us extract optimal value from a vessel with the specifications of the Sapura 3000," he said.
Shahril expects the vessel to be delivered within a year and by owning it, "allows us to tender for work with the confidence that we will be able to commit necessary resources." The joint venture with Acergy entails the operating of the vessel in the Asia-Pacific region.
- Cargotec Clinches Order for 20 Winches (Apr 10)
- Seadrill Studying Brazilian Expansion Plans (Dec 14)
- Clough to Sell Offshore Marine Business (Aug 08)
Company: Acergy S.A. more info
- Acergy Awards Serimax Welding Contract Offshore Nigeria (Mar 07)
- Acergy Awarded Contract Offshore Brazil (Dec 01)
- Acergy Awarded Contract for Medway Development Project (Nov 04)