Sapura Energy Bhd and its consortium partner have clinched a RM3 billion contract from Oil and Natural Gas Corporation (ONGC) in India.

The consortium partners comprising the group’s wholly-owned subsidiary of Sapura Energy, Sapura Fabrication Sdn Bhd (Sapura Fabrication) and Afcons Infrastructure Limited (Afcons), will be jointly undertaking engineering, procurement, construction, installation and commissioning (EPCIC) works for a central processing platform (CPP) and living quarters for KG-DWN 98/2 NELP block.

Sapura Energy Bhd has received shareholders’ approval for its proposed rights issue to raise RM4 billion to trim its debts.

Shareholders voted overwhelmingly to subscribe to the group’s rights issue and support its growth plans at the extraordinary general meeting (EGM) today.

Saudi Aramco has picked Sapura Energy Bhd's two units for the oil major's long-term agreement (LTA) programme after their successful qualification as a contractor.

Sapura Energy Bhd's wholly-owned subsidiaries Sapura Fabrication Sdn Bhd and Sapura Saudi Arabia have been selected by Saudi Arabian Oil Co (Saudi Aramco) for its long-term agreement (LTA) programme.

Sapura Energy Bhd has secured new contracts worth RM1.75bil for jobs based in Malaysia and Mexico, lifting its order book to RM18bil.

The new contracts also bring the integrated oil and gas services and solutions provider’s total contract wins for the current financial year-to-date to RM7bil.

Sapura Energy Bhd’s move to sell a 50% stake in its oil and gas (O&G) exploration and production (E&P) arm to an Austrian giant has been well-received by analysts.

Sapura Energy Bhd is upbeat about returning to the black in the financial year ending January 31, 2020 fuelled by increasing orderbook, reduction in annual interest debt and higher oil and gas (O&G) production.

TYPICALLY, most oil and gas (O&G) companies should be generating profits with the crude oil prices currently trading at a high of US$80 per barrel.

However, this is not the case with Sapura Energy Berhad, which suffered a net loss of RM126.06mil for the second quarter (Q2) ended July 31, 2018.

Sapura Energy Bhd (SEB) has received letters of irrevocable undertaking from its two biggest shareholders – Permodalan Nasional Bhd (PNB) and Sapura Technology Sdn Bhd (STSB) – for its proposed issuance of rights shares with warrants and Islamic redeemable convertible preference shares (RCPS-i).

The oil and gas services provider, in which Shahril has 16.8% equity interest, had just announced that Austrian oil and gas giant OMV Aktiengesellschaft was seeking to acquire a 50% stake in the group’s upstream assets housed under Sapura Upstream Sdn Bhd (previously known as Sapura Exploration and Production Sdn Bhd).