Sapura Energy Bhd has received shareholders’ approval for its proposed rights issue to raise RM4 billion to trim its debts. Shareholders voted overwhelmingly to subscribe to the group’s rights issue and support its growth plans at the extraordinary general meeting (EGM) today.

Saudi Aramco has picked Sapura Energy Bhd’s two units for the oil major’s long-term agreement (LTA) programme after their successful qualification as a contractor.

Sapura Energy Bhd’s wholly-owned subsidiaries Sapura Fabrication Sdn Bhd and Sapura Saudi Arabia have been selected by Saudi Arabian Oil Co (Saudi Aramco) for its long-term agreement (LTA) programme.

Sapura Energy Bhd has secured new contracts worth RM1.75bil for jobs based in Malaysia and Mexico, lifting its order book to RM18bil. The new contracts also bring the integrated oil and gas services and solutions provider’s total contract wins for the current financial year-to-date to RM7bil.

Sapura Energy Bhd’s move to sell a 50% stake in its oil and gas (O&G) exploration and production (E&P) arm to an Austrian giant has been well-received by analysts.

Sapura Energy Bhd is upbeat about returning to the black in the financial year ending January 31, 2020 fuelled by increasing orderbook, reduction in annual interest debt and higher oil and gas (O&G) production.