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.

JP Morgan upbeat on Malaysian marginal oil fields

July 27, 2012

Dateline 2012-07-10:

JP Morgan Asia Pacific Equity Research is upbeat on Malaysia’s marginal oil field risk service contracts (RSC) due to the favourable risk reward, and local skillsets upgrade.

In a report issued on Monday, it said the first contract, valued at RM2.4bil saw Petroliam Nasional Bhd (Petronas) awarding it to a consortium comprising Petrofac, Kencana and SapuraCrest. The second (RM3bil) went to the Dialog-Roc Oil-Petronas consortium.

The most recent was Coastal Energy Co, listed on the Toronto and London Stock Exchange, for the development of the Kapal, Banang and Meranti cluster of small fields offshore Peninsular Malaysia. This was the third marginal oil field contract awarded out of 27 upcoming.

SapCrest, Kencana to see boost from shared FSPO contract

March 8, 2012

Dateline 2012-02-17:

SapuraCrest Petroleum Bhd (SapCrest) and Kencana Petroleum Bhd (Kencana) are forecasted to see boosted earnings from a shared floating, production, storage and offloading (FSPO) contract, possibly in the near term.

The two oil and gas players separately announced agreements with their Berantai marginal field partner Petrofac Energy Developments Sdn Bhd (Petrofac) to each acquire 24.5 per cent interest in Berantai Floating Production Ltd (BFPL) for US$85.7 million cash.

BFPL would invest in an FPSO that would be used for the project. Petrofac would retain 51 per cent of BFPL and each equity partner would also provide a shareholders’ loan to BFPL to finance the FPSO investment and conversion although BFPL would also likely secure external financing.

RHB Research Sdn Bhd (RHB Research) stated in a research note, “While we still like the prospects of the merger (SapCrest-Kencana) which will create a large and formidable competitor for regional oilfield services (and especially for projects in Malaysia), we believe there could be some profit taking in the near term.


Saturday Star 2011-04-02 – Job Opportunities

April 4, 2011

Support me by purchasing my recommendations, or buying through my Amazon store. I need the money to pay for running this site. Corporate level sponsors are encouraged.

First off, if you need my help to submit your CVs, donate to the blog, and I’ll review your CV to see if it is worthy of my (and my associates’) expectations. If you can’t figure out how to donate, no need to ask.

I haven’t seen a PETRONAS advert for a long time. What gives?

  • SapuraCrest is looking for a field engineer, pipeline engineer, lead structural engineer / structural engineer, maintenance engineer, project engineer, or email them here,
  • Huntsman are looking for an Area Engineer – Mechanical. Snail mail to the Human Resource Department, Tioxide (Malaysia) Sdn Bhd, Kawasan Perindustrian Teluk Kalung, Peti Surat 29, 24007 Kemaman, Terengganu DI.
  • Petrofac is looking for a Health, Safety, Security, Environmental, Quality (HSSEQ) Manager, and a Drilling HSE Advisor. Contact them here.

Here are some fundamental chem eng books I would recommend:

Unit  Operations of Chemical Engineering, Chemical  Reaction Engineering, 3rd Edition, Transport  Phenomena, Revised 2nd Edition.

From Borneo Post – Marginal oil fields a boon for local O&G sector

February 27, 2011

Dateline 2011-02-05:

The award development and production contracts to local players is a game changer for local oil and gas (O&G) service providers as this is the first time local players have been invited to participate.

UOB Kay Hian (Malaysia) Holdings Sdn Bhd (UOB Kay Hian) in its report pointed out that newsflow on this sector would be forthcoming and would act as a near term catalyst for a sector-wide re-rating. This move was intended to groom and moved local O&G players up the value chain.

To recap, Petronas had awarded a risk sharing contract (RSC) to develop and produce the Berantai field to a joint operating party (JOP) formed by a tripartite.

Petrofac Energy Development, a London-listed O&G exploration and production (E&P) company would take a 50 per cent stake, while SapuraCrest Petroleum Bhd (SapuraCrest ) and Kencana Petroleum Bhd (Kencana) would each have a 25 per cent equity participation in the JOP.


Saturday Star 2010-02-06 – Job Opportunities

February 8, 2010

Another day, another scan of The Star.

  • Institusi Teknologi Petroleum PETRONAS (INSTEP to friends) is looking for technical trainers. Nah, give out more money to independent, boutique companies like Synergy. Anyhow, they are looking for Learning Facilitator/Trainers. Send your application to
  • RasGas “The Power of the Drop” is looking for a Lead Mechanical and Pipeline Eng, Senior Integrity Eng, Senior Mech Eng, Senior Marine Eng. That’s a first, AP Recruitment is not mentioned as the local contact, could there be a falling out of favour? I believe RasGas is a JV, one of the partners being ExxonMobil.
  • ExxonMobil is looking for Technicians (I&E, Mech, Production), 2nd advert in as many weeks. Visit the site, or snail mail to Recruitment, Human Resources, Level 17, Menara ExxonMobil, 50088 KLCC, Kuala Lumpur.
  • Murphy is looking for a Prod Eng Man, Rot Eng, Snr Production Eng, Prod Tech, Maint Eng. Hey, weren’t these positions open in the Star on 2009-10-24? Apparently none of you who applied before were good enough. Throw the dice, and  apply again here.
  • SapuraCrest is looking for a mess of engineers in a full page advert. CV’s may be sent here, or here.
  • Oh, Lord. Talisman is looking for Buyers (fresh graduate encourage to apply!). Apply here, and visit their site. Jabba, you know that deal we talked about…?

Here are some photos of a typical Synergy supper at Dragon Restaurant, Miri.

From the Star – SapuraCrest JV gets RM600mil job

October 6, 2009

Taken from the Star, dateline 2009-10-02

KUALA LUMPUR: Sapuracrest Petroleum Bhd’s joint venture company, SapuraAcergy Sdn Bhd has secured a US$170mil (RM600mil) contract from Apache Energy Ltd for the transportation and installation of offshore facilities in Australia.

SapuraAcergy is a joint venture company equally owned by SapuraCrest and Acergy S.A.

In a filing with Bursa Malaysia, SapuraCrest said the contract, which was part of the Devil Creek development project involves transporting and installing about 91 km of 16-inch rigid pipeline including a shallow water beach approach, subsea tie-ins and stabilisation works together with a wellhead platform of 1,700 metric tonne four leg jacket and a 450 metric tonne topside processing module.

You can subscribe to an online version of the paper at the Bluehyppo site, follow links to e-browse.

From Business Times – SapuraCrest bags RM3b Contract

March 20, 2009

Dateline 2009-03-18 (story link here):

SapuraCrest Petroleum Bhd has won a contract worth US$825 million (RM3 billion) for installation works at the Gumusut-Kakap field, about 200km offshore Sabah.

The field is located in 1,200m water depth.

The contract from Sabah Shell Petroleum Co Ltd will be executed over three years, beginning this year, SapuraCrest told Bursa Malaysia yesterday.

You can subscribe to an online version of the paper at the Bluehyppo site, follow links to e-browse.

On the same topic from the Oil & Gas Journal (dateline 2009-02-05):

Sabah Shell Petroleum Co. Ltd. Sdn. Bhd. awarded JP Kenny Wood Group a contract for subsea integration and follow-up engineering work for the Gumusut-Kakap deepwater development in 1,300 m of water, 120 km off Sabah, Malaysia, on Blocks J and K

And I thought that G-K would languish until the recession is over.

Saturday Star 2009-02-15 – Job Opportunities

February 16, 2009

First off, indications are that the Malaysian oil & gas industry is being hit hard by the recession. So, if there are adverts in the papers, expect that only the brightest (and cheapest) will be offered jobs.

Another week, another scan of the Saturday Star newspaper. Here’s a list of job ads in the paper:

  • Synergy Oil and Gas Engineering is recruiting fresh chemical engineering graduates, or those with around 1 year experience. CVs may be sent to
  • Delcom (public holding company Deleum) is looking for a project and field services engineers. CVs may be sent here, or you can send a hardcopy CV the Human Resources Department, Deleum Berhad, no. 2, Jalan Bangsar Utama 9, Bangsar Utama, 59000 KL.
  • Off topic, but interesting: First Solar is recruiting for a Principal Engineer, Root Cause Engineer, Env Eng, Eng H&S Eng, Manufacturing Engineer. Go to their website. Let me know how interesting the job is.
  • SapuraCrest Petroleum is looking for a whole mess of people. Visit their website for more details.
  • MMHE ATB is looking for engineers, head of manufacturing and design. Apply online.

Sigh, since I have moved with Synergy out of KL, will you patronise Chee Meng in my memory? Or invite me to meetings around Bukit Bintang at lunchtime?

Saturday Star 2008-11-22 – Job Opportunities

November 23, 2008

Another week, another scan of the Saturday Star newspaper. Here’s a list of job ads in the paper:

  • Synergy Oil and Gas Engineering is recruiting fresh chemical engineering graduates, or those with around 1 year experience. CVs may be sent to It’s also looking for admin execs who can run the invoicing / payroll / accounting web as well as be office managers.
  • Aker Solutions is looking for lead/senior engineers (electrical, instrumentation, mech, piping & structure), cost control engs, senior project managers/engineers
  • SapuraCrest is looking for field engineers/operations engineers.
  • There’s a new boy in town, Kebabangan Petroleum Operating Company, KPOC, a JV between PCSB, Shell and ConocoPhillips. There are positions for planning engineers, cost engineers, marine installation eng, snr mech eng (stat/rotate), snr structural (jacket/topsides), opns assurance, snr electrical eng. Submit relevant documents to
  • Here’s an interesting one. Hertel Defence & Offshore, specialist supplier of accommodations solutions. They need proposal engs, proj managers, HVAC engs, electrical/instr engs, arch eng, structural eng,
  • Talisman is looking for a senior facilities eng.
  • Carimin, well known in the manpower service sector, is looking for a mess of engineers. Constr, comm, mech, piping, elect, instr, struct, qa/qc. Send relevant documents to, or