Taking over Sapura Energy will depend on financial situation, says Tok Pa

July 7, 2022

Wait, what? PETRONAS is proposing this? What about our fabrication yards?

Dateline 2022-05-14, FMT:

The government must look at the country’s financial performance before considering the proposal for Petroliam Nasional Bhd (Petronas) to take over Sapura Energy Bhd (Sapura Energy) to prevent the oil and gas company from going bankrupt.

Economic affairs minister Mustapa Mohamed said careful consideration must be taken as the oil and gas industry is a strategic industry and taking into account that Sapura Energy is the world’s second largest integrated oil and gas service provider.

Keep Sapura’s huge oil reserves out of foreign hands, says Najib

May 9, 2022

Yeah, gomen, listen to your Glorious Leader. Maybe MOGEC or MOGSC should take over ownership. Or MTEM.

Dateline 2021-04-02, FMT:

Former prime minister Najib Razak insists that the government offer a loan guarantee to Sapura Energy Bhd in order to save its oil reserves from falling into foreign hands before its full potential can be realised.

He said the company’s subsidiary, Sapura OMV, owned oil and gas reserves of 264 million barrels with a gross value of RM110.8 billion.

If the subsidiary is put up for sale, as is being speculated, Sapura’s joint venture partner OMV of Austria, would likely be the first choice buyer as it already holds a 50% stake in Sapura OMV with the remaining 50% held by Sapura Energy.

Better to spend billions on rakyat than bail out Sapura, says Rafizi

April 28, 2022

And here’s what’s going to distract the masses for the next GE. And Sapura is a GLC? CLC, maybe.

Dateline 2022-03-22, FMT:

PKR vice-president Rafizi Ramli says that money used to bail out ailing oil and gas company Sapura Energy Bhd could be put to better use to serve the rakyat.

Rafizi was responding to a call by former prime minister Najib Razak to save Sapura from going bankrupt.

The government-linked company (GLC) announced a loss of RM8.9 billion last year, which Najib said was the largest for any Malaysian GLC in history.


April 7, 2022

Dateline 2022-03-21, Baird Marine:

After looking at the ignominious end of Swire Pacific Offshore, the offshore supply vessel owner sold for a pittance to rival Tidewater (here), we turn our attention this week to another troubled Asia offshore powerhouse: Sapura Energy.

Here’s another business that has run out of room to manoeuvre.

The biggest but maybe not the best
Sapura is the biggest offshore construction company in Asia, the biggest rig owner in Asia outside of China, and a significant domestic producer of oil and gas in Malaysia via a joint venture with Austria’s OMV.

The company owns a swag bag of offshore construction assets, including its flagship Sapura 3500 DP3 derrick lay barge, plus five other derrick lay vessels, three fabrication yards in Malaysia, including Labuan Shipyard, a DP subsea construction vessel (117m LOA Sapura Constructor), three dive support vessels, two anchor handlers, six accommodation vessels including the 300-passenger, eight point moored Sarku-300, which is being advertised for sale), five ROVs, a launch barge, and two survey vessels. Sapura also owns a fifty per cent stake in a deepwater pipelay company in Brazil in conjunction with Seadrill, which owns six magnificent Dutch-built flexlay construction vessels there, each fitted with 250-tonne, active heave compensated cranes rated for 3,000 metres of water depth (here).

Malaysia’s Sapura Energy served with ‘winding up petitions’ for five key subsidiaries

April 4, 2022

May we have some words from the current leadership, one of which is from an NOC, which is still tindasing us small fry?

Dateline 2022-02-15, Upstream Online:

Cash-strapped Malaysian offshore engineering and construction player Sapura Energy has been served with “winding-up petitions” for several subsidiaries that involve outstanding claims from vendors and other service companies.

In signs of deepening financial trouble, Sapura informed the Bursa stock exchange on Monday about the predicament of five of its wholly owned subsidiaries.

Those served with petitions include Sapura Fabrication Sdn Bhd, Sapura Project Services Sdn Bhd, Sapura Subsea Services Sdn Bhd, Sapura Offshore Sdn Bhd and Sapura Pinewell Sdn Bhd, the company said in an announcement to the stock exchange.

More oil and gas contracts for Malaysian players in Q1 2020: Report

March 3, 2020

Dateline 2020-01-03, Business Times:

MALAYSIAN oil and gas service providers can expect contract awards to improve in the first three months of the new year, compared with the decline in 2019 – on the back of not just seasonal lumpiness in the first and fourth quarters, but also momentum from longer-term projects.

That’s according to a recent report by AmBank analyst Alex Goh, who noted that Saudi Aramco has picked Sapura Energy and Malaysia Marine & Heavy Engineering Holdings for its long-term agreement programme – opening up the field to offshore projects in Brazil, Mexico, the Middle East and West Africa that may be worth as much as US$150 billion over the next decade.


Sapura-OMV venture expects East Malaysian gas field output by year-end

November 11, 2019

Dateline 2019-09-06, Reuters:

A joint venture between Malaysia’s Sapura Energy and Austrian energy group OMV will achieve first production at an East Malaysian gas field in the fourth quarter of the year, the business said on Friday.

SapuraOMV, the joint venture, holds a 40 percent stake in the SK408 block, while a unit of Malaysian state energy company Petronas and a subsidiary of Shell hold 30 percent each.

Peak production from the block will be achieved by 2023, SapuraOMV’s chief executive, Muhammad Zamri Jusof, told reporters.

Sapura Energy finally gets go-ahead for Sarawak gas fields

June 3, 2018

Dateline 2018-04-12, The Edge:

The long-awaited go-ahead for the development of three gas fields off Sarawak provided a huge boost to flagging Sapura Energy Bhd, with its market capitalisation boosted by more than half a billion ringgit as its share price rallied sharply yesterday.

Sapura Energy logged its largest single-day price gain since its listing six years ago to finish a fifth higher to 64.5 sen after it announced it was proceeding with the development of the Gorek, Larak and Bakong gas fields off Sarawak under phase one of the SK408 production sharing contract (PSC).

The PSC follows a final investment decision (FID) made after the fields development plan received Petroliam Nasional Bhd’s approval. Concurrently, the key terms of the gas sales agreement for the gas fields’ development have been agreed upon.

Saturday Star – Job Opportunities

March 30, 2008

Another week, another scan of the Saturday Star newspaper. Here’s an incomplete list of job ads in the paper, though this week’s offerings seem a bit thin on the ground:

  • MECIP is looking people. MECIP is a multi-discipline engineering company providing project engineering, project management, engineering studies and process engineering simulation services.
  • An interesting prospect is KBR, which has an add for a Singapore position. KBR is a leading global engineering, construction and services company supporting the energy, petrochemicals, government services and civil infrastructure sectors.
  • SapuraCrest has an ad out. Sapura Group through its subsidiary, SapuraCrest Petroleum Berhad [SAPCRES], is one of the leading and reputable integrated technology & service providers in the Oil & Gas industry

Happy hunting. Let me have some feedback if you find this list useful. Even better, spread the news.