Sapura Energy takes a step to turn the tide

Analysts say the price was fair on the back of an upcycle in oil price outlook.

As per its restructuring scheme, debt-laden Sapura Energy Bhd is divesting its 50% stake in SapuraOMV Upstream Sdn Bhd, marking an exit from the exploration and production (E&P) business, which was considered a prized asset.

The oil and gas company had indicated last year it was considering the sale of some of its assets, including the divestment of SapuraOMV, to address its unsustainable debt and outstanding payables.