An offshore oil drilling platform.
gettySapura Energy—backed by Malaysian tycoon Shahril Shamsuddin—has secured multiple oil and gas drilling contracts worth 3.2 billion ringgit ($721 million).
The company, through its drilling unit, Sapura Drilling has secured contracts from companies including Thailand’s PTTEP Energy Development, Chevron’s Cabinda Gulf, ExxonMobil Exploration and Production Malaysia and EnQuest Petroleum Production Malaysia, according to a statement released on Wednesday.
“These contract wins reflect our ability to deliver value-driven solutions and strengthen client confidence in Sapura Energy,” Muhammad Zamri Jusoh, Group CEO of Sapura Energy said in the statement.
These new drilling contract wins have boosted Sapura’s order book to 8.7 billion ringgit ($2 billion). Separately, Sapura Energy said its engineering and construction division won several deals, including a pipeline installation project in Brazil.
Sapura Energy was created after a merger of SapuraCrest Petroleum and Kencana Petroleum in 2012. Shamsuddin created Sapura Group in the mid-90s and led the company for 25 years until his retirement in 2021. Shamsuddin and his younger brother Shahriman were once ranked No. 32 in the list of Malaysia’s 50 Richest in 2017 with a net worth of $475 million. The brothers dropped off from the list a year later as Sapura’s share price tumbled.
Last year, Sapura Energy agreed to sell 50% of natural gas producer SapuraOMV Upstream to French energy giant TotalEnergies for $705 million to help reduce its burgeoning debts.
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