Srei Sells Its Stake in Quippo Pipelay Vessel to SapuraKencana of Malaysia

Srei Sells Its Stake in Quippo Pipelay Vessel to SapuraKencana of Malaysia

Srei Infrastructure‟s subsidiary, Quippo Oil and Gas Infrastructure Limited, has sold its investment in the derrick lay barge „Quippo Prakash‟ to SapuraKencana of Malaysia.

Quippo Oil and Gas Infrastructure, which is primarily in the business of owning and operating onshore drilling rigs, also held a substantial equity stake in the Quippo Prakash. The investment in the barge was made in 2008, at a time when the downturn in the offshore markets allowed Quippo Oil and Gas Infrastructure to negotiate favorable terms from shipyards. Outfitted in Singapore and commissioned in 2010, the state-of-art offshore construction support barge upon delivery was placed on term charter with a major offshore contractor in South East Asia, generating positive returns and cash-flows immediately.

Commenting on the transaction, Sunil Kanoria, Vice-Chairman, Srei Infrastructure Finance Limited, commented, “The offshore oil and gas construction market has shown a sharp upswing since the time Quippo Oil and Gas Infrastructure had invested in the vessel. Having invested when the market had bottomed out, Quippo Oil and Gas Infrastructure took advantage of the present buoyant conditions to exit its investment. Srei has been creating a portfolio of strategic investments over the past years and as and when there is an opportunity of encashing with a good return, it does so.”

Equipped with a 2000MT crane, the barge was designed to provide offshore construction support and underwater pipe-lay capability. With increasing levels of activity in the subsea construction market, the vessel had generated considerable interest amongst major offshore contractors.

The vessel was sold at an enterprise value of USD 122 million. Srei had a 38% stake in Quippo Prakash through Quippo Oil and Gas Infrastructure, a 100% subsidiary of Srei Infrastructure Finance Limited.

Press Release, October 05, 2012

Share this article

Follow Subsea World News

Events>

<< Apr 2016 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

EEMUA subsea engineering course: materials selection and corrosion control

This two and a half day training course is recommended for both discipline and project focused engineers from a variety of backgrounds who want to gain an understanding of the fundamental principles for selecting and specifying materials of construction for subsea equipment, and for corrosion control during deployment, commission and operation. The course is based on the EEMUA User Guide to subsea materials selection and corrosion control, EEMUA Publication 194.

It is operated in association with the Society for Underwater Technology (SUT). Permanent employees of EEMUA and SUT member companies are entitled to a 20% discount off the standard course fee.

More info

read more >

Offshore Technology Conference (OTC)

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance scientific and technical…

read more >

All-Energy 2016

All-Energy is held in Glasgow annually. In its 15th year, it has firmly established itself as the UK’s leading renewable energy exhibition…

read more >

Offshore Arabia Conference and Exhibition

The event brings together Industry Professionals from all over the world to discuss the strategic, operational and technological developments…

read more >