TotalEnergies acquires remaining 50% in SapuraOMV from Sapura for US$705 million

TotalEnergies has acquired the remaining 50% interest in SapuraOMV from Sapura Energy for a cash consideration of US$530 million. TotalEnergies will also relieve Sapura from its obligation of US$175 million guaranteeing a shareholder loan granted by OMV to SapuraOMV. The announcement follows TotalEnergies' agreement earlier this year to acquire OMV's 50% share of the venture for US$903 million (including the transfer of a US$350 million loan granted by OMV to SapuraOMV). Sapura Energy has now exited the E&P business it first entered with the acquisition of Newfield Exploration's Malaysia portfolio in 2014. Deal proceeds will be used to repay creditors under an existing restructuring plan as the company focuses on its core Engineering, Drilling and Operations & Maintenance business segments.