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.

Sapura Energy Bhd clinched two awards at Brazilian state-controlled oil company Petróleo Brasileiro SA’s Best Suppliers Recognition Award 2017 held in Rio de Janeiro recently.

Malaysian group inks deals with OMV and Mitsui for interests in five exploration permits within the Taranaki basin.

Sapura Energy Bhd said it will commence production at the B15 field offshore Sarawak with the first gas milestone achieved within two years of the sanction of its field development plan (FDP).

Sapura Energy Bhd has won a job, with an estimated value of RM2bil, from Mubadala Petroleum.