Sapura Energy Disposes 50% Equity In Unit For RM3.37 Billion To TotalEnergies

Sapura Energy Berhad has announced a major development in its group, whereby its wholly owned subsidiary, Sapura Upstream Assets Sdn Bhd entered into a conditional Sale and Purchase Agreement to divest its 50 percent equity interest
in SapuraOMV Upstream Sdn Bhd to TotalEnergies Holdings SAS.

The equity stake sale is estimated to be worth USD530.3 million (approximately RM 2.53 billion) additionally, Sapura Energy said it will be relieved by TotalEnergies of a USD175 million obligation in respect of a financing facility extended by OMV Exploration & Production GmbH to SapuraOMV, in connection with the share subscription and restructuring exercise amongst SEB, OMV E&P, SapuraOMV, and SUA on January 31, 2019.

Consequently, the total disposal consideration for the transaction, encompassing both the cash payment of USD530.3 million and the release of the USD175 million obligation, amounts to USD705.3 million (equivalent to approximately RM 3.37 billion)

SapuraOMV’s assets include a 40 percent operated interest in block SK408 and a 30 percent operated interest in block SK310, both situated offshore Sarawak, Malaysia. The development of the Jerun gas field within block SK408 remains on track for startup in the latter half of 2024. SapuraOMV also holds exploration licenses across strategic regions,
including Malaysia, Australia, New Zealand, and Mexico.

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