SapuraCrest Ventures has acquired a 50% interest in the Malaysia-based Labuan Shipyard and Engineering from shareholder Realmild for an undisclosed sum.

The company said it would subscribe for 25 million new ordinary shares of Labuan paid through cash.

The acquisition will help SupraCrest to develop its fabrication portfolio for executing turnkey offshore oil and gas projects as part of its plans to become a full Epic contractor in Malaysia.

Labuan’s shipyard is sited within Victoria Harbour in Labuan, which has deepwater access and a capacity throughput of 36,000t per year, including the construction of offshore platforms and vessels.

The sale is expected to be complete within seven days from the subscription agreement’s execution date.