Sapura Energy Bhd is on another fund-raising exercise, with the latest proposed disposal of a 50 % stake in wholly-owned Sapura Upstream Sdn Bhd to Austria’s OMW AG.
The sale of Sapura Upstream, which Sapura Energy had initially planned to list it on the local bourse, is based on an enterprise value of US$1.6 billion.
Sapura Energy recently proposed a RM4 billion rights issue to its shareholders, a move that will see its second largest shareholder Permodalan Nasional Bhd emerging as the largest shareholder. PNB now has a 12 per cent Sapura Energy stake.
The largest shareholder currently, Sapura Holdings Sdn Bhd, had decided not to take up its rights, thus diluting its more than 16 per cent stake in Sapura Energy on completion of the cash call.
Sapura Energy will raise significant capital from the Sapura Upstream disposal to pay debts and fund its activities amid a nascent upturn in the oil and gas industry.
Sapura Energy secured RM4.5 billion worth of contracts so far this year, pushing its order book to RM16.7 billion.
Its tender book has grown from US$2.5 billion in financial year 2017 to US$7.4 billion, with additional prospects amounting to US$10.2 billion for FY2018.
Sapura Energy said the partnership with OMV was to strategically position Sapura Upstream to create sustainable long-term growth, expand portfolios and future business activities as well as realise synergies in the sector.
Below images are of the 2014 built pipe layer SAPURA 1200 anchored OPL Malta earlier this year –
Photos by Capt. Lawrence Dalli. Do not use these images without my permission. © All rights reserved. Malta Ship Photos & Action Photos – www.maltashipphotos.com