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Malaysia's Sapura Energy Looking At Listing Exploration, Production Arm

Source: Reuters 1/25/2018, Location: Asia

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Sapura Energy Bhd, Malaysia's largest oil and gas services company, said it is evaluating a potential listing of its exploration and production (E&P) business segment, according to a stock exchange filing on Thursday.

"The company has engaged advisors to evaluate and advise on the potential listing of the E&P business," the statement said.

Sapura Energy, in its most recent earnings report, posted a net loss for the quarter ended on Oct. 31, hit by lower spending from the energy sector.

Sapura also has drilling, engineering and construction segments, but its exploration and production unit was the only one that posted operating profits during that quarter.

In terms of annual revenue for its year ended on Jan. 31, 2017, Sapura Energy's exploration and production unit contributed 1.1 billion ringgit ($280 million) in revenue out of the company's 7.6 billion ringgit in total.

Sapura Energy's shares were up 2.5 percent on Thursday afternoon at the midday break, outperforming a 0.2 percent rise in the Kuala Lumpur exchange's benchmark index.

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