,Analysts opined that Anuar was the right candidate who could steer Sapura Energy to a higher level given his expertise and track record in the oil and gas sector.
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PETALING JAYA: The appointment of Datuk Mohd Anuar Taib as the new group CEO of Sapura Energy Bhd is seen as a timely move and positive to the integrated oil and gas services company.
Anuar took over the helm of the company on Monday following the retirement of its president and group chief executive officer Tan Sri Shahril Shamsuddin, who is also the company’s founder.
Analysts opined that Anuar was the right candidate who could steer Sapura Energy to a higher level given his expertise and track record in the oil and gas sector.
This in particular when Sapura Energy is embroiled in the corruption probe by Brazilian and Dutch authorities in relation to the award of three pipe-laying support vessel charters.
Of late, analysts have raised their concerns on Sapura Energy’s earnings sustainability and its highly geared balance sheet, despite the group’s recent contract wins worth billions of ringgit.According to AmInvestment Bank Research, Anuar has a commendable track record of helming Petronas Carigali before heading Petronas’ upstream division as the executive vice-president.Shahril Shamsuddin
He began his career in 1990 at Sarawak Shell and progressively attained the position of chairman of Shell Companies in Malaysia from 2010 to 2012 and Petronas Gas from 2010 to 2019.
He was also the chief operating officer and CEO designate of Sapura Energy over a six month transition period from Oct 1,2020 until March 22,2021.
The research unit in its latest report said: “We view the transition as positive against the backdrop of the ongoing corruption probe by Brazilian and Dutch authorities into the award of three pipe-laying support vessel charters to Sapura-Seadrill joint venture back in 2011.
“Together with the oversight of Permodalan Nasiona Bhd, which has a 40% stake in the group, this reaffirms our three-star environmental, social and governance evaluation for Sapura, ” said AmInvestment Research.
Meanwhile, the group is expected to secure the engineering, procurement, construction and installation contract for the central processing platform (CPP) for SapuraOMV Upstream Sdn Bhd’s Jerun field development in offshore Sarawak.
AmInvestment Bank estimated that the contract value for a CPP at weighing 22,000 tonnes, 5,300 tonnes of piles and an 8,500-tonne compression platform could be worth over RM1bil.
“This underpins our view that Sapura’s order book momentum is set for a transformative turnaround with the group bidding for a massive RM38.8bil (+32% quarter-on-quarter) of new jobs, not including even larger prospective projects worth RM68bil amid the brightening outlook in upstream capex upcycle, ” it added.