Subsea 7 said today that it expects to receive $100million in cash dividends following the winding down of a joint venture (JV).
The SapuraAcergy JV has been discontinued and its heavy lift and pipelay vessel, Sapura 3000, sold to a subsidiary of Subsea 7’s partner, Malaysia’s Sapura Energy.
All SapuraAcergy’s projects have been completed and its entities will be liquidated.
Subsea 7 will recognise a loss of $10million in the third quarter.
Oslo-listed Subsea 7, a specialist in engineering and construction services, said the decision reflected “the evolution of both companies’ long-term strategic priorities”.
But Subsea 7 said it remained committed to the Asia Pacific region.
Subsea 7 posted a net income of $6million from its 50% stake in SapuraAcergy in 2016.
It had invested $129million in the venture as of December 31, 2016.
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