Japanese trading house Sumitomo is also among the final bidders for the business according to the Sunday Times newspaper, which said Citi has been appointed to run the sale by owner Icon Infrastructure.
Icon spun out of Deutsche Bank, which bought SESW from Guy Hands’ buyout firm Terra Firma for £189m in 2005.
Terra Firma had only owned the company for several months following its controversial purchase of owner East Surrey Holdings in a £453m deal.
The firm had wanted to withdraw its offer following regulatory intervention in the company’s Northern Irish oil and gas business, but was forced to go through with the deal by The City’s Takeover Panel.
SESW is expected to sell for between £250m and £300, the Sunday Times added.
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