Tags:
Journalism of Courage
Private sector lender Srei Infrastructure Finance (SIFL) today said it has sold its 38 per cent stakes in the Quippo Prakash pipelay vessel to a Malaysian firm SapuraKencana for $122 million.
Srei Infrastructures subsidiary,Quippo Oil and Gas Infrastructure,has sold its investment in the derrick lay barge Quippo Prakash to SapuraKencana of Malaysia for $122 million, the company said in a statement.
The company had a 38 per cent stake in Quippo Prakash through Quippo Oil and Gas Infrastructure,a 100 per cent subsidiary of Srei Infrastructure Finance.
The investment in the barge was made in 2008,at a time when the downturn in the offshore markets allowed Quippo to negotiate favourable terms from shipyards,Sreis vice-chairman Sunil Kanoria said.
