Vantris Energy (formerly Sapura Energy) has announced the divestment of its 40 per cent equity interest in L&T-Sapura Shipping, which owns and operates the heavy-lift and pipelay vessel LTS 3000. The interest was sold to its joint-venture partner, Larsen and Toubro, for a total consideration of approximately $30.5 million.
The transaction includes the equity consideration and the full repayment of the outstanding shareholder’s loan and accrued interests. The divestment was executed through the group’s indirect wholly owned subsidiary, Sapura Nautical Power.
Net proceeds from the disposal will be used for operational requirements in the engineering and construction and operations and maintenance businesses. Group CEO Muhammad Zamri Jusoh stated the move is part of efforts to streamline the asset portfolio and refocus on core businesses and regions.
Following the sale of the LTS 3000 stake, Vantris Energy has four heavy-lift and pipelaying vessels remaining in its fleet, all of which are wholly owned. The group’s engineering and construction arm operates a total of 12 offshore construction vessels and barges.
