Sapura Energy signs maiden farm-in deals in Australia

President and group chief executive officer Tan Sri Shahril Shamsuddin said the company aims to return to the black when the utilisation of its drilling and E&C business crosses the 70% mark.

PETALING JAYA: Sapura Energy Bhd’s unit has secured deals to participate in three offshore exploration permits held by Australia-based Finder Exploration Pty Ltd, marking the group’s foray into the upstream oil and gas (O&G) business in the land Down Under.

In a statement, Sapura Energy said its wholly owned subsidiary – Sapura Upstream Sdn Bhd – had signed farm-in agreements to three offshore exploration permits held by O&G company Finder.