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Sapura to sell half of its upstream arm to OMV

KUALA LUMPUR, September 13, 2018 – Sapura Energy has agreed to sell a 50% stake in its Sapura Exploration & Production division to Austria’s OMV, the Malaysian operator announced on Wednesday.

 

Exclusive negotiations about the specifics of the deal continue, but it “is based on an enterprise value of USD 1.6 billion,” the statement added.

“The partnership with OMV AG complements our continued strategy to grow our portfolio and expand our acreage position,” Tan Sri Dato’ Seri Shahril Shamsuddin, Sapura’s president and CEO, said. “OMV AG’s existing footprint offers new opportunities for our upstream segment and increases market reach for our services segment where OMV operates.”

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