Rafizi’s day in court will put Sapura Energy under scrutiny

August 8, 2022

Dateline 2022-06-05, FMT:

Former Sapura Energy Berhad CEO Shahril Shamsuddin, upset with remarks by Rafizi Ramli, has taken the former Pandan MP to court.

Rafizi had issued the statements because he disagreed with Najib Razak’s suggestion on March 21 that the government inject funds to save Sapura Energy.

He said he would defend his remarks about Shahril’s remuneration in court, adding that what he had said was to “protect public interest”.

You said nothing about PH-era bailouts, Najib tells Dr M

July 14, 2022

Dateline 2022-05-17, FMT:

It’s a slow news period, sue me.

Former prime minister Najib Razak has accused Dr Mahathir Mohamad of being hypocritical following the latter’s disagreement on bailing out Sapura Energy Bhd (SEB).

Yesterday, Mahathir was reported as saying that steps should be taken to trim losses incurred by the oil and gas services company, and that bailing out “failed people” was “not business”.

Taking to Facebook, Najib reminded Mahathir that when he was the prime minister under Pakatan Harapan, Permodalan Nasional Berhad (PNB), headed by then chairman Zeti Akhtar Aziz, had also “bailed out” SEB.

Trim Sapura’s losses, no need for bailout, says Dr M

July 11, 2022

Ah, the funny pages.

Dateline 2022-05-16, FMT:

Steps should be taken to trim losses incurred by Sapura Energy Bhd (SEB), Dr Mahathir Mohamad said today, disagreeing with calls for Putrajaya to bail out the oil and gas services company.

The former prime minister said bailing out “failed people” was “not business”, the New Straits Times reported.

Explain RM2.7bil injection into Sapura when you were govt, Najib tells PH

July 9, 2022

Man, I missed a good fight in May, shades of (no, not dirty white) Rumble in the Jungle.

Dateline 2022-05-15, FMT:

Former prime minister Najib Razak wants Pakatan Harapan (PH) to explain why it pumped RM2.7 billion into Sapura Energy Bhd (SEB) in 2019, despite knowing that its former CEO Shahril Shamsuddin was given a huge compensation the year before.

He was referring to the amount injected into the company by Perbadanan Nasional Bhd that made the GLC the largest shareholder in the oil and gas company.

How Sapura Energy got into the mess it is in

May 17, 2022

Dateline 2022-04-23, The Edge:

Sapura Energy Bhd is on the verge of bankruptcy, only three weeks shy of the 10-year anniversary of the mega-merger between SapuraCrest Petroleum Bhd and Kencana Petroleum Bhd, which created SapuraKencana Petroleum Bhd back in mid-May 2012.

Its name was changed to the current one at end-March 2017.

From a merger valuation of RM11.85 billion, Sapura Energy’s market capitalisation swelled to RM28 billion in early 2014, following the acquisition of Seadrill’s rig business and Newfield’s Malaysian assets. At its peak, Sapura Energy was the world’s second largest integrated oil and gas service provider.

I disagreed with Dr M’s Sapura bailout during PH rule, Rafizi tells Najib

May 10, 2022

Yes, Mr Incoming PM.

Dateline 2022-04-06, FMT:

KR vice-president Rafizi Ramli says he had disagreed with the Pakatan Harapan government’s decision to bail out Sapura Energy Bhd through the injection of funds from Permodalan Nasional Bhd (PNB) in 2019.

The former Pandan MP said he had no influence or position in the PH government but had spoken out against several decisions made by then prime minister Dr Mahathir Mohamad.

“I had disagreed with the decision by the Dr Mahathir Mohamad-led PH government to inject PNB funds to save Sapura,” he said in a statement today.

Petronas is NOT acquiring cash-strapped Sapura Energy

May 4, 2022

Let’s see if this pans out for the historic record.

Dateline 2022-03-29, Upstream Online:

Malaysia’s national oil company Petronas is not going to be acquiring cash-strapped compatriot contractor Sapura Energy, which would have brought it under the same group as rival contractor Malaysia Marine & Heavy Engineering (MMHE) and shipping giant MISC.

Referencing news reports, comments in the media and recent speculation on its purported “talks with the government on a proposal to take a significant stake” in Sapura Energy, Petronas told Upstream that it “wishes to categorically deny these reports and speculation”.

“We have always been and will continue to be strictly guided by an established framework for any investment or divestment consideration,” said Petronas.

Past clean-up not enough to turn around Sapura Energy — what’s next?

November 11, 2021

Dateline 2021-10-30, The Edge:

Sapura Energy Bhd’s latest quarterly loss of RM1.52 billion was a big surprise to the market.

The company, which is 40%-owned by Permodalan Nasional Bhd, was expected to be better prepared having completed its RM10 billion debt refinancing in March. Oil prices doubled from last year to over US$80 (about RM331.28) per barrel. And the group even had a healthy order book of over RM7 billion.

Sapura Energy — arguably the largest Malaysia-listed oil and gas contractor — said that “the decrease was mainly contributed by provisions for foreseeable losses and higher project costs incurred for certain projects during the current quarter”.

Bursa O&G counters decline as oil trades below US$60 amid coronavirus outbreak

March 28, 2020

For the historical record.

Dateline 2020-02-03, The Edge:

Bursa Malaysia-listed oil and gas (O&G) counters Sapura Energy Bhd and Bumi Armada Bhd declined about 4% each in mid-morning trades today as crude oil prices traded below US$60 a barrel as the coronavirus outbreak, which started in China, led to lower global oil demand concerns.

Reuters reported that oil prices extended declines on Monday, dragged down by worries about lower demand in the world’s largest oil importer China following the coronavirus outbreak. It was reported that Brent and US West Texas Intermediate (WTI) crude fell for a fourth week in a row last week after airlines cancelled flights to China.

MISC leads Malaysia Petroleum’s Top 100 list

March 12, 2019

Yea, MPRC is still around.

Dateline 2019-02-08, The Star:

MISC Bhd led Malaysia Petroleum Resources Corp’s (MPRC) latest list of Top 100 Malaysian oil and gas services and equipment (OGSE) companies, ranked in order of annual revenue for financial year 2017.
The list showed MISC edging out Sapura Energy Bhd, which was FY2016’s top ranked company. Dialog Group Bhd meanwhile has maintained its position at third place.