Subsea 7 S.A. is to acquire the remaining 50% shareholdings in its equity accounted joint ventures, Normand Oceanic AS and Normand Oceanic Chartering AS. At the same time, the company is discontinuing its SapuraAcergy joint venture.
Normand Oceanic will be acquired from from Solstad Farstad ASA for a nominal cash consideration. Effective from the date of the transaction, Subsea 7 will become the sole owner of Normand Oceanic, a flex-lay and heavy construction vessel that is being managed by Solstad Farstand while under long-term charter to a third party. Normand Oceanic AS and Normand Oceanic Chartering AS will become wholly-owned subsidiaries of the Group.
Discontinuation of SapuraAcergy joint venture
Subsea 7 also said it will withdraw itself from the 50/50 SapuraAcergy joint venture it was in with Sapura Energy Berhad. SapuraAcergy's heavy-lift and pipelay vessel, Sapura 3000, has been sold to a subsidiary of Sapura Energy Berhad.
SapuraAcergy comprises two jointly owned entities, SapuraAcergy Assets Pte Ltd and SapuraAcergy Sdn Bhd. All its projects have been completed and its entities will be liquidated in due course.
The decision to discontinue the joint venture are said to reflectthe evolution of both companies' long-term strategic priorities. Subsea 7 remains committed to the Asia Pacific region, with offices located in Malaysia, Australia, Indonesia and Singapore.
