NST Online Business Times : latest
NST Online Business Times : latest |
| SapuraKencana buys 38pc of Quippo Prakash Posted: 04 Oct 2012 06:59 PM PDT NEW DELHI: Oil and gas firm, SapuraKencana Petroleum Bhd, has acquired 38 per cent stake in derrick lay barge, Quippo Prakash from Indian company, Quippo Oil and Gas Infrastructure Ltd (QOGIL), for US$122 million (RM373 million). QOGIL is a unit of Kolkata-based Srei Infrastructure Finance Ltd. "The vessel was sold at an enterprise value of US$122 million. Srei had a 38 per cent stake in Quippo Prakash through QOGIL," said Srei in a statement. Having invested when the market has bottomed out, QOGIL took advantage of the present buoyant conditions to exit its investment, Srei's Vice-Chairman Sunil Kanoria said. QOGIL, primarily in the business of owning and operating onshore drilling rigs, also held a substantial equity stake in the Quippo Prakash, it said. The investment in the barge was made in 2008 at a time when the downturn in the offshore markets allowed QOGIL to negotiate favourable 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 cashflows immediately. 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," added Srei.-- BERNAMA |
| Genting HK applies to up stake in Echo Posted: 04 Oct 2012 06:42 PM PDT Genting Hong Kong Ltd, the cruise ship company controlled by Lim Kok Thay, has applied to lift its stake in Echo Entertainment Group Ltd to 25 percent amid a fight with billionaire James Packer over Sydney's only casino. Genting Hong Kong, with a 4.2 percent stake in Echo, has applied to the New South Wales Liquor and Gaming Authority to increase its share and the regulator is investigating the plan along with its counterpart in neighboring Queensland state, the agency said in a statement on its website. Crown Ltd, the casino company controlled by James Packer, has also applied to increase its stake in the Sydney-based company to 25 percent. Crown has a 7.7 percent stake in the company, according to data compiled by Bloomberg. -- Bloomberg |
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