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Malaysia’s oil and gas services provider Vantris Energy, formerly known as Sapura Energy, has opted to sell its interest in L&T-Sapura Shipping Pvt. Ltd. (LTSSPL) to its joint venture partner, Larsen & Toubro (L&T).
Vantris Energy’s divestment of its 40% equity interest in L&T-Sapura Shipping, which owns and operates the LTS3000 heavy-lift and pipelay vessel, brings the company a total consideration of approximately $30.5 million, consisting of equity consideration and the full repayment of the outstanding shareholder’s loan and accrued interests owed to the firm.
The Malaysian player explained that the transaction was executed through its indirect wholly owned subsidiary, Sapura Nautical Power (Singapore). This move is said to mark another step in Vantris Energy’s ongoing efforts to streamline, strengthen, and optimize its asset portfolio, as it continues to sharpen its focus on core capabilities and wholly owned assets that support long-term value creation.
Muhammad Zamri Jusoh , Group’s CEO, highlighted: “This divestment is another step forward in reshaping Vantris Energy into a more focused, agile and financially resilient organisation. As we realign our portfolio, we are steering capital and attention towards the businesses, assets, and regions where we can compete with strength and deliver sustainable value.”
The net proceeds from the proposed disposal will be utilized for operational requirements for the firm’s Engineering & Construction (E&C) and Operations & Maintenance (O&M) businesses. The LTS3000 Indian flag, dual class (ABS & IRS) self propelled offshore construction vessel, built at ASL Shipyard in Singapore, is fitted with Amclyde’s PC-42 HVY fully revolving main crane, having maximum lift capacity of 3000ST.
Following the divestment of its stake in this vessel, Vantris Energy’s fleet has four heavy-lift and pipelaying vessels, all of which are wholly owned. The company owns and operates twelve offshore construction vessels and barges under its Engineering & Construction arm, capable of shallow and deepwater transportation and installation and subsea services.
This disposal comes after Vantris Energy got additional work orders from Petronas for offshore transportation and installation (T&I) activities in Malaysian waters.