OMV to divest shareholding in SapuraOMV to TotalEnergies
- Overall cash consideration of USD 903 mn subject to closing adjustments
- Transaction to be completed by end H1, 2024
- Divestment in line with OMV Strategy 2030
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 adjustments1. 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.
1 Economic Effective Date December 31, 2022
About OMV Aktiengesellschaft
At OMV, we are re-inventing essentials for sustainable living. OMV is transitioning to become a leading sustainable fuels, chemicals and materials company with a focus on circular economy solutions, while operating today across three integrated business segments of Energy, Fuels & Feedstock, and Chemicals & Materials. By gradually switching over to low-carbon businesses, OMV is striving to achieve net zero by latest 2050. The company achieved revenues of EUR 62 billion in 2022 and with a diverse and talented workforce of around 22,300 employees worldwide. OMV shares are traded on the Vienna Stock Exchange (OMV) and as American Depository Receipts (OMVKY) in the U.S. Further information at www.omv.com