Sapura Energy Appoints Advisers for Potential Listing of Exploration and Production Business

By FeaturesDow Jones Newswires

KUALA LUMPUR, Malaysia--Sapura Energy Bhd.(5218.KU), Malaysia's biggest oil and gas services firm by market value, on Thursday said it has engaged advisers to evaluate and advise on the potential listing of its exploration and production business.

According to a filing to the local stock exchange, the company said it will make the necessary announcement if there is any material development on this matter. It did not identify the advisers or disclose any further details on the listing.

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Listing of Sapura Energy's exploration and production business could potentially ride on rising oil prices. Brent prices have recently climbed to over $70 per barrel compared with an average of $57 per barrel in 2017.

The company slipped into the red in its fiscal third quarter with a net loss of 274.41 million ringgit (US$70.4 million), compared with a net profit of MYR158.06 million a year ago. Revenue in the August-October period also declined 42.4% to MYR1.28 billion from MYR2.22 billion a year earlier.

The company's exploration and production unit was the only business that generated operating profit during the quarter. Shares of the Sapura Energy ended midday break 2.5% higher at MYR0.81.

--Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

January 25, 2018 01:00 ET (06:00 GMT)

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