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.