Following a competitive bidding process, OMV has signed an agreement to divest its 50 percent shareholding in Malaysia’s SapuraOMV Upstream Sdn. Bhd. to TotalEnergies Holdings SAS for an overall cash consideration of USD 903 million. This amount includes the full repayment of the outstanding USD 350 million shareholder loan granted by OMV to SapuraOMV, as well as net working capital and other elements with the consideration being subject to closing adjustments[i]. The divestment is anticipated to close around the end of the first half of 2024, in particular subject to regulatory approvals. The remaining 50 percent interest is held by SapuraEnergy.
SapuraOMV, headquartered in Kuala Lumpur, is a 50:50 joint venture between Sapura Energy Berhad and OMV established in 2019. It has production and development assets in shallow waters offshore of Malaysia, as well as exploration interests in Mexico, Australia, and New Zealand.
“This agreement streamlines our Energy portfolio and is in line with the OMV Strategy 2030 of reducing oil and gas production over time. Furthermore, this divestment will help OMV crystalize value and re-deploy capital for new strategic projects,” said Alfred Stern, CEO of OMV. “On behalf of OMV, I thank all employees at SapuraOMV for their commitment and contributions.”
Furthermore, OMV announced that the sales process for 100 percent of the shares in OMV New Zealand Limited is continuing.
Sapura Energy is a leading global integrated oil and gas operator and solutions provider, with a wide spectrum of capabilities covering exploration, development, production, rejuvenation, as well as decommissioning and abandonment.
OMV, one of Austria’s largest listed Industrial companies, produces and markets oil and gas, as well as chemical products and solutions in a responsible way and develops innovative solutions for a circular economy.
SapuraOMV Upstream has a strong portfolio in producing gas and condensate assets in Malaysia as well as exploration interests in Mexico, Australia, and New Zealand.
[i] Economic Effective Date December 31, 2022