Subsea 7, Sapura Energy end joint venture

Subsea 7 has agreed with Malaysia’s Sapura Energy Berhad to discontinue the SapuraAcergy joint venture.

As part of the deal, SapuraAcergy’s heavy-lift and pipelay vessel, Sapura 3000, has been sold to a subsidiary of Sapura Energy.

The decision was made to reflect the companies’ long-term strategic priorities.

The Oslo-listed Subsea 7, which says it remains committed to the Asia-Pacific region, said it expects to record a US$10 million loss in the third quarter from the dissolution but would receive US$100 million in cash dividends.

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