SREI INFRASTRUCTURE FINANCE LIMITED 
By Kolkata, October 04, 2012: Srei Infrastructure?s subsidiary, Quippo Oil and Gas Infrastructure Limited, has sold
its investment in the derrick lay barge "Quippo Prakash? to
SapuraKencana of Malaysia.
Quippo Oil and Gas Infrastructure, which is primarily in the
business of owning and operating onshore drilling rigs, also
held a substantial equity stake in the Quippo Prakash. The
investment in the barge was made in 2008, at a time when the
downturn in the offshore markets allowed Quippo Oil and Gas
Infrastructure to negotiate favorable 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 cash-flows immediately.
Commenting on the transaction, Sunil Kanoria, Vice-Chairman,
Srei Infrastructure Finance Limited,
commented, "The offshore oil and gas construction market has
shown a sharp upswing since the time Quippo Oil and Gas
Infrastructure had invested in the vessel. Having invested
when the market had bottomed out, Quippo Oil and Gas
Infrastructure took advantage of the present buoyant
conditions to exit its investment. Srei has been
creating a portfolio of strategic investments over the past
years and as and when there is an opportunity of
encashing with a good return, it does so."
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.
The vessel was sold at an enterprise value of USD 122
million. Srei had a 38% stake in Quippo Prakash through
Quippo Oil and Gas Infrastructure, a 100% subsidiary of Srei
Infrastructure Finance Limited.
On 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. The Quippo Companies are as under:
Quippo Construction: Rents out various equipment and provides fleet management services. With over 400 construction equipment units spread across its over 35 yards across India, Quippo Construction has developed reach, scale and expertise to support any infrastructure player in providing equipment.
Quippo Oil and Gas Infrastructureis in the business of owning and operating onshore drilling rigs.
Quippo Energy: Quippo Energy provides innovative solutions in gas based power generation that use combined heat, power and cooling platforms to offer significantly higher efficiency levels.
Quippo Auctioneers and Valuers : Values old equipment and finds a suitable customer for the same. Has developed technologically very advanced auctioneering portal www. quippoauctions .com/
For further details, please visit www.quippoworld.com
About Srei Infrastructure Finance LimitedSrei is a Holistic Infrastructure Institution, constantly and consistently ideating to deliver innovative solutions in infrastructure space, thus playing a significant role in nation-building for over two decades, both in urban and rural India. Srei's businesses include Infrastructure Project Finance, Advisory and Development, Infrastructure Equipment Finance, Venture Capital, Capital Market, Insurance Broking. Srei has a pan-India presence with a network of over 85 offices and has also replicated its business model overseas with two offices in Russia and one in Germany.
Media persons, for further information, please contact:Braj Kishore
Senior Vice President and Head
Corporate Communication and Brand Management
Srei Infrastructure Finance Limited
Phone: +91 33 6602 3211
Mobile: +91 98360 35599
E-mail: braj.kishore@srei.com
Swati Singh
Manager
Corporate Communication and Brand Management
Srei Infrastructure Finance Limited
Phone: +91 33 6602 3712
Mobile: +91 98745 60033
Email: swati.singh@srei.com
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