Sapura’s degearing move, sells 50% of E&P to cut debts

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, which is saddled with net debt of slightly more than RM15bil, has stepped up plans to reduce its gearing with a proposed disposal of a 50% stake in its oil and gas exploration and production (E&P) arm to Austria’s OMV Aktiengesellschaft (OMV AG).

If everything goes according to plan, Sapura Energy could see its gearing drop to 0.7 times compared to 1.7 times at present.