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plans to divest part of its drilling operations as the platforms are currently underutilized and are also looking for partners.
Tan Sri Shahril Shamsuddin, chairman and CEO of his group, said that Sapura Energy was in talks with some parties for a partnership for its drill arm.
"But the price must be right, it would open the way to new markets and increase our competitiveness," he told reporters after the group meeting on Thursday.
The drilling activities of Sapura Energy is one of the group's main activities, alongside exploration and production (E & P) and engineering and construction (E & C).
Shahril said Sapura Energy owns 16 drilling assets, including eight semi-successful rigs and eight auctioning platforms.
"They are relatively young people with a life span of 15 to 20 years," he said, adding that the current utilization rate was 35%.
Sapura Energy is currently finalizing the sale of its 50% interest in its E & P business, Sapura Upstream Sdn Bhd, to the Austrian company OMV Aktiengesellschaft.
Earlier in November, Sapura Energy had signed a share subscription agreement and shareholder agreement with OMV AG for the creation of a joint venture, Sapura OMV Upstream.
Under this agreement, Sapura Energy will receive a total proceeds of US $ 975 million, including the US $ 540 million subscription payment by OMV for the newly issued shares, an additional consideration of up to US $ 85 million. and the refinancing repayment of intercompany debt of $ 350 million.
At the Extraordinary General Meeting, Sapura shareholders had accepted the company's cash call, RM4bil.
"The meeting went off smoothly," said Shahril, pointing out that this was due to the strong support of institutional funds for business exercises.
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