Companies & Finance

OMV to acquire stake in Sapura Energy upstream subsidiary

Austria’s OMV has signed a heads of agreement to acquire half of Malaysia-based Sapura Energy’s wholly owned upstream subsidiary.
By Staff reporter 13 September 2018 0 32532

Austria’s OMV has signed a heads of agreement to acquire half of Malaysia-based Sapura Energy’s wholly owned upstream subsidiary for $1.6 billion, the Malaysian company said on Wednesday.

“OMV’s existing footprint offers new opportunities for our upstream segment and increases market reach for our services segment where OMV operates,” said Shahril Shamsuddin, president and chief executive of Sapura Energy.

Sapura Uptream holds acreage in the Gulf of Mexico as well as offshore Australia, New Zealand and the Malaysian state of Sarawak.