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.