KUALA LUMPUR, June 2 — SapuraCrest Petroleum Bhd, via its unit, TL Geotechnics Sdn Bhd, has signed a share sale agreement with Scomi Group Bhd to acquire the remaining 1.2 million shares, or 60 per cent stake, in Scomi Oilserve Sdn Bhd (SOSB) for RM8.48 million.
In a statement here today, executive vice-chairman, Datuk Shahril Shamsuddin, said SOSB would become a wholly-owned subsidiary after the completion of the deal.
SOSB owns two anchor-handling tugs (AHTs), Oilserve Alpha and Oilserve Beta. Both vessels are currently under long-term charter with another subsidiary, TL Offshore Sdn Bhd (TLO), which is undertaking installation of pipelines and facilities (IPF) contracts for Petronas Carigali and Carigali-PTTEP Operating Co.
“The acquisition will allow full control of both vessels which will enable TLO to better manage its operational schedules and costs,” he said. Shahril said it would also provide a platform for SapuraCrest to expand its fleet of support vessels to support its existing and the coming heavy lift and pipelay barges for the IPF division.
“This will reduce the exposure of the IPF division to the ever-increasing daily charter rates of support vessels,” he said. Shahril added the expansion would also provide additional support vessels for SapuraCrest’s fleet of accommodation work barges under another subsidiary, Sarku Marine.
He said the accommodation work barges required AHTs throughout their operations and by owning the tugs, the costs and cash outflows could be minimised. — Bernama
Show/Hide comments
Show/Hide comment form
