KUALA LUMPUR: Sapura Energy Bhd's subsidiary Sapura Upstream Assets Sdn Bhd (SUA) has completed the sale of its 50 per cent stake in SapuraOMV Upstream Sdn Bhd to TotalEnergy Holdings SAS for US$756.9 million (RM3.35 billion).
Sapura Energy, in a statement today, said this marks a key milestone in the company's broader reset plan for its long-term sustainable and viable future.
SapuraOMV's assets include a 40 per cent operated interest in block SK408 and a 30 per cent operated interest in block SK310, both situated offshore Sarawak.
The Jerun gas field, located within the SK408 block, achieved its first gas on July 1, 2024 ahead of schedule and within budget, with 12.8 million safe manhours.
SapuraOMV also holds exploration licences across strategic regions including Malaysia, Australia, New Zealand and Mexico.
"This strategic initiative underscores our commitment to Sapura Energy's long-term reset and debt restructuring plan," Sapura Energy interim chairman Shahin Farouque Jammal Ahmad said.
"This divestment streamlines our portfolio and enables us to focus on our core capabilities, namely to deliver safe and innovative solutions to the energy industry," he added.
Sapura Energy, which was classified as a Practice Note 17 (PN17) company on March 29 2022, had actively pursued the divestment of its stake in SapuraOMV, in line with the restructuring exercise to address its unsustainable debt and outstanding payables.
The net disposal proceeds will be utilised mainly to settle amounts owing to Sapura Energy's relevant scheme creditors, including its multi-currency financing lenders.
According to Sapura Energy's filing with Bursa Malaysia, a total of US$564.4 million (RM2.5 billion) of the proceeds are allocated to repay outstanding liabilities and working capital within six months from the restructuring effective date.
Meanwhile, US$17.5 million (RM77.6 million) is to pay the expenses related to the disposal within two months.
Sapura Energy rose half a sen or 16.7 per cent to close at 3.5 sen today, valuing the company at RM643.2 million.