Vantris Energy, formerly Sapura Energy, has completed the sale of its 40% interest in L&T-Sapura Shipping to joint-venture partner Larsen & Toubro for a total consideration of about $30.5 million, as part of a broader portfolio optimisation drive.

The consideration includes an equity component together with full repayment of an outstanding shareholder loan and accrued interest owed to Vantris Energy. The divestment was executed through Sapura Nautical Power, the group’s wholly owned indirect subsidiary based in Singapore.

The company said the transaction forms part of continuing efforts to streamline and strengthen its asset base, with a sharper focus on core capabilities and wholly owned assets that support long-term value creation.

Chief Executive Officer Zamri Jusoh stated that the divestment is another step in reshaping Vantris Energy into a financially resilient, agile, and more focused company. He noted that, as the portfolio is realigned, capital and management attention are being directed to businesses, assets, and regions where the group can compete strongly and generate sustainable value.

Net proceeds from the sale are earmarked to meet operational funding requirements in the group’s Engineering & Construction segment, with additional support for its Operations & Maintenance business.

L&T-Sapura Shipping is the owner and operator of the heavy-lift and pipelaying vessel LTS3000. Following completion of the transaction, Larsen & Toubro will hold full ownership of the company.

After the divestment, Vantris Energy continues to own four heavy-lift and pipelaying vessels on a wholly owned basis. Within its Engineering & Construction arm, the group operates 12 offshore construction vessels and barges that support shallow- and deep-water transport, installatio,n and subsea activities.