PETALING JAYA: Vantris Energy Bhd has divested its 40% equity interest in L&T-Sapura Shipping Pvt Ltd (LTSSPL) to its joint-venture partner, Larsen & Toubro Ltd for US$30.5mil (RM123.91mil).
In a filing with Bursa Malaysia, Vantris Energy, formerly known as Sapura Energy Bhd, said LTSSPL owns and operates a LTS3000 heavy-lift and pipelay vessel.
“This move marks another step in Vantris Energy’s ongoing efforts to streamline, strengthen, and optimise its asset portfolio, as the group continues to sharpen its focus on core capabilities and wholly owned assets that support long-term value creation.”
The net proceeds from the proposed disposal will be utilised for operational requirements for the company’s engineering and construction and operations and maintenance businesses.
Following the divestment of its stake in LTS3000, Vantris Energy has four heavy-lift and pipelaying vessels remaining in its fleet, all of which are wholly owned.
“The group owns and operates a total of twelve offshore construction vessels and barges under its engineering and construction arm, capable of shallow and deep-water transportation and installation and subsea services.”