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  • 2011 September 23 11:31

    SapuraCrest spends $227m on two heavylifts

    SapuraCrest Petroleum's wholly-owned subsidiary TL Offshore on Thursday inked deals to spend $227m on constructing two units pipelay cum heavylift offshore construction vessels, Seatrade Asia Online reports. The price for the first vessel is $116.75m and the price for the second is $110.25m. Both vessels will be constructed at Cosco Nantong Shipyard.
    The vessels are scheduled to be delivered within 28 months from August this year.
    “The acquisition will enable TL Offshore to capitalise on the positive outlook in the installation of pipelines and facilities segment in the oil and gas industry,” SapuraCrest said in a statement.
    “With the deployment of these vessels, we will be able to enhance our market share by growing the revenue stream within our existing core business.”
    The vessels will be deployed to perform marine construction contracts for major oil companies.
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