SREI Infrastructure has divested its 38 per cent stake in Quippo Prakash, a derrick lay barge, which was held through SREI Infrastructure subsidiary, Quippo Oil and Gas Infrastructure Limited.
The investment was sold for an enterprise value of $122 million to SapuraKencana of Malaysia. The investment in the barge was made in 2008.
Sharp upswing
Sunil Kanoria, Vice-Chairman, SREI Infrastructure, Finance Limited, said that the offshore oil and gas construction market had shown a sharp upswing since the time Quippo Oil and Gas Infrastructure had invested in the vessel. Following the merger of Quippo Infrastructure Equipment Limited with Srei Infrastructure Finance Limited in March 2011, all Quippo Companies had become subsidiaries of Srei Infrastructure Finance Limited. There are four Quippo companies.
