Kuala Lumpur, 29 November 2024
The Board of Sapura Energy Berhad ("Sapura Energy" or "the Company") has announced that both its Chairman Dato’ Mohammad Azlan Abdullah and Group Chief Executive Officer (“CEO”) Datuk Mohd Anuar Taib will be leaving their positions in the fourth quarter of the current financial year, passing the mantle to internal successors. Interim Chairman Shahin Farouque Jammal Ahmad will be redesignated as Chairman of the Board, while SapuraOMV Upstream (“SapuraOMV”) CEO Muhammad Zamri Jusoh will take over as Group CEO.
Dato’ Azlan will step down from his chairmanship position on 31 January 2025, after serving since May 2022. He joined the Board as a non-independent non-executive director in October 2019. During his tenure, Dato’ Azlan played a pivotal role in facilitating the Group’s turnaround and enhancing its governance. He led the formation and steer of the Board Restructuring Task Force (“BRTF”), which provides oversight and support to the management team in executing the Group’s Reset Plan.
Datuk Anuar will step down from his roles as Group CEO and executive director on 31 December 2024, after nearly four transformative years leading the Company. He joined the Company as a non-executive director in August 2020 and was appointed Group CEO in March 2021. He guided Sapura Energy through several significant changes and key milestones in its turnaround effort, including major progress in the debt restructuring exercise. Under his steady helm, the Sapura Energy group of companies ("Group") demonstrated operational resilience despite financial challenges, recording stable revenues and improved cash flows.
Zamri’s tenure as Group CEO will begin on 1 March, and the Group has appointed Mohamad Nasri Mehat as officer-in-charge in the interim. Nasri is currently Sapura Energy’s CEO of Operations & Maintenance and Senior Vice President, Group Quality, Health, Safety, and Environment.
Speaking on behalf of the Sapura Energy Board, Shahin stated: “We wish to extend our deepest gratitude to Dato’ Azlan and Datuk Anuar for their exceptional service to Sapura Energy and wish them the very best in their future endeavours. Both gentlemen were instrumental in navigating the Group during its toughest times, and their decisions created a solid foundation for Sapura Energy's future. The Group’s existing business plans and restructuring exercise will continue to be executed under the Group’s new leadership.”
In return, Dato’ Azlan expressed his appreciation to the Board of Directors and management for their collaborative efforts in returning Sapura Energy to stability. “I am also grateful to various stakeholders for the support I received as Chairman, helping us move forward the turnaround. Above all, I wish to sincerely thank everyone in the Sapura Energy team, for consistently delivering to the best of their abilities, surmounting enormous challenges with resourcefulness.”
Datuk Anuar also thanked the Board, his executive leadership committee, and employees of Sapura Energy for their support throughout his tenure. “My journey with Sapura Energy has been both demanding and rewarding,” he said. “We have come a long way since 2021, and I am confident that post-restructuring, Sapura Energy will emerge stronger and well-positioned to expand its footprint, enhance core capabilities, develop Energy Transition solutions, and drive our Reset strategy for long-term value creation.”
(ends)
About Shahin and Zamri
Shahin Farouque Jammal Ahmad Shahin has been a member of the Sapura Energy Board since December 2023 and was appointed interim chairman in June 2024. He is currently the Group Head, Strategic Investments of Permodalan Nasional Berhad, with over 20 years of investment banking experience. Shahin had previously served as an Executive Director at the Investment Division of Khazanah Nasional Berhad.
As SapuraOMV CEO, Muhammad Zamri Jusoh has been part of the Sapura Energy leadership team since July 2019. Under his stewardship, SapuraOMV has grown to become one of the largest independent companies in the region, with robust growth portfolios. Zamri has over 25 years of experience with PETRONAS, where he last held the position of Vice President of Malaysia Petroleum Management. In this role, he provided strategic oversight on policy and management of the country’s petroleum resources and spearheaded initiatives for the development of the local oil and gas industry, ensuring energy security for Malaysia. Zamri currently sits on the Society of Petroleum Engineers Asia Pacific Regional Advisory Council and Offshore Technology Conference Asia 2024 Advisory Committee. He holds a Bachelor of Science degree in Mechanical Engineering from Polytechnic University and has completed the Senior Management Program at INSEAD, as well as the Advanced Executive Program at the Kellogg School of Management, Northwestern University.
Cautionary note: “Sapura Energy”, “the group” and “the company” are used for convenience where references are made to Sapura Energy Berhad in general. Similarly, words like “we”, “us” and “our” are used to refer to Sapura Energy Berhad in general or to those who work for the company and its subsidiaries, where relevant. This press release may contain forward-looking statements. All statements other than statements of historical facts included in this press release, including, without limitation, those regarding our financial position, financial estimates, business strategies, prospects, plans and objectives for future operations, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. Such forward-looking statements reflect our current view with respect to future events and are not a guarantee of future performance. Forward-looking statements can be identified by the use of forward-looking terminology such as the words “may”, “will”, “would”, “could”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “aim”, “plan”, “forecast” or similar expressions and include all statements that are not historical facts.