Hilong Holding to sell pipe-laying crane vessel for $100m

Hilong stated the sale is part of its strategic transformation from a vessel-centric contractor into an engineering, procurement, construction and installation (EPCI) integrator, which has led to a gradual reduction in reliance on the vessel.

The company expects to generate net cash proceeds of approximately $74 million from the sale. These funds will be used to reduce outstanding debt and for general working capital, including settling payments to suppliers. Due to the vessel's net book value of approximately $150.2 million, the group estimates it will realise a loss on the disposal of approximately $50 million.