Sapura Energy to list its E&P unit

By Nst Business - January 25, 2018 @ 6:57am

File photo of Sapura Energy Group Chief Executive Officer, Tan Sri Shahril Shamsuddin (3rd right) with Petronas Group Chief Executive Officer,Datuk Wan Zulkiflee Wan Ariffin (2nd left) during at the 16th Asian Oil, Gas and Petrochemical Engineering Exhibition 2017. [NSTP/ HAFIZ SOHAIMI]

KUALA LUMPUR: Oil and gas firm Sapura Energy Bhd had confirmed the listing of its exploration and production (E&P).

In a statement to Bursa Malaysia, the company said Sapura’s board of directors and management has engaged advisors to evaluate and advise on the potential listing of the E&P business.

“The company will make the necessary announcement in compliance with Bursa Malaysia Securities Berhad’s Main Market Listing Requirements should there be any material development on this matter.”

Earlier local reports have noted that the idea to list the E&P unitis being considered in order to monetize part of its assets.

The reports also noted that the firm had reported a net loss of RM274.4 million for the third quarter ended 30th September 2017, however, the E&P is still the better-performing segment.

Sapura Energy was terribly hit by the downturn in the O&G industry that started sometime in mid-2014 until the third quarter of 2017.