Sapura Energy Bhd has bagged five new contracts valued at RM1.3 billion for its engineering and construction as well as drilling segments. Among the new wins is the submarine rescue service contract for the Royal Australian Navy, which is a first undertaking for the group. Sapura Energy also marked a new entry into Egypt for works in the Gulf of Suez, along with other wins across Malaysia and Indonesia.

Sapura Energy Bhd ended Jan 31, 2019 (FY19) in the black with a net profit of RM207.5 mil versus a net loss of RM2.5 bil in the previous year. However, the return to profitability was driven by one-off gains which means the oil and gas player actually saw a core loss of about RM945 mil, according to analysts. Nonetheless, the company believes the tide is changing for them, buoyed by a recovering industry and strong orderbook, which should lead to better utilisation of its assets.

Amidst the edgy scenario of the global oil and gas industry in the last 12 months, Sapura Energy Bhd confounded its detractors to post a net-tax profit of RM208 million for the year ended Jan 31, 2019.

Sapura Energy Bhd returned to the black in the fourth financial quarter ended Jan 31, 2019 (4QFY19), posting a net profit of RM500.43 million compared with a net loss of RM2.29 billion a year ago.

Malaysia-based oil and gas (O&G) services provider Sapura Energy Bhd is Austria-listed industrial company, OMV Aktiengesellschaft’s partner of choice.

Sapura Energy Bhd’s recent de-gearing exercises are perceived as a net positive for the company, but its shares will remain under pressure until the integrated oil and gas (O&G) group returns to profitability. The company completed its RM4 billion rights issue last week after 9.99 billion new shares, 998.69 million warrants and 2.4 billion Islamic redeemable convertible preference shares were listed on the Main Market.

Sapura Energy Bhd and Austria’s OMV Aktiengesellschaft (OMV AG) have concluded their strategic partnership agreement, whereby Malaysia will remain as the main hub to expand the business in Asia Pacific and Mexico.

Oil and gas (O&G) services provider Sapura Energy Bhd bagged home the Asia Pacific Company of the Year Award under Energy Services, Offshore and Marine category at the Asia Pacific Energy Award Dinner held here by Energy Council, Wednesday. Sapura Energy “toppled” Houston-headquartered Schlumberger and Singapore-based Sembcorp Marine which were the other two contenders for the award.

Sapura Energy Bhd is seeing more jobs in the horizon in addition to the US$14.3 billion already in prospects this year despite a sharp decline in oil price to below US$60 a barrel. The integrated oil and gas services company, which has presence in over 20 countries, believes the current oil price level will not put a brake on contract flows in the years to come.

Sapura Energy Berhad has received shareholders approval for the 50:50 strategic partnership with Austria’s OMV Aktiengesellschaft. The group said the proposal was passed with 99.98% of the votes in favour at the extraordinary general meeting.