Sapura Energy said it will also be relieved by TotalEnergies of a US$175 million obligation in respect of a financing facility extended by OMV Exploration & Production GmbH to SapuraOMV, in connection with the share subscription and restructuring exercise among Sapura Energy, OMV E&P, SapuraOMV, and Sapura Upstream on January 31, 2019.
This agreement follows a deal signed earlier this year by TotalEnergies to acquire the other 50 per cent stake in SapuraOMV from Austria-based OMV AG.Sapura Energy said the proposed divestment is expected to result in a net gain on disposal of about RM793 million upon its completion, enhancing the financial position of the group.
“Net disposal proceeds will be utilised mainly to settle amounts owing to Sapura Energy’s relevant scheme creditors, including its multi-currency financing lenders,” it said. Sapura Energy’s remaining core business segments are engineering and construction, drilling, and operations and maintenance, with a collective order book of about RM6.6 billion.
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