Sapura Energy Bhd (SEB) has received letters of irrevocable undertaking from its two biggest shareholders – Permodalan Nasional Bhd (PNB) and Sapura Technology Sdn Bhd (STSB) – for its proposed issuance of rights shares with warrants and Islamic redeemable convertible preference shares (RCPS-i).

The oil and gas services provider, in which Shahril has 16.8% equity interest, had just announced that Austrian oil and gas giant OMV Aktiengesellschaft was seeking to acquire a 50% stake in the group’s upstream assets housed under Sapura Upstream Sdn Bhd (previously known as Sapura Exploration and Production Sdn Bhd).

Sapura Energy Bhd’s wholly-owned subsidiaries have secured four contracts, including contract extension, with a combined value of about RM815 million.

Sapura Energy Bhd has entered into a heads of agreement (HoA) with OMV Aktiengesellschaft (OMV AG) for the proposed sale of a 50% stake in its wholly-owned subsidiary, Sapura Upstream Sdn Bhd. The parties have agreed to continue ongoing negotiations on an exclusive basis.

Sapura Energy Bhd, via its wholly-owned subsidiary Sapura Upstream Sdn Bhd, has signed three farm-in agreements for offshore exploration permits held by private Australian oil and gas company, Finder Exploration Pty Ltd.

Sapura Energy Bhd’s plan to raise RM4 billion, via a major rights issue, will create value for shareholders and return the company to profitability as oil and gas market prospects improve, said Credit Suisse in a report dated last Friday.