Vantris Energy

Formation and early history (2012–2015)

SapuraKencana was formed after the merger between SapuraCrest and also Kencana in May 2012. At the time of the merge, the company become Malaysian largest Oil & Gas service provider, and among the top five of the world largest Oil & Gas service provider, based on asset value. SapuraCrest specialized in oil & gas exploration, offshore installation and offshore support vessels, while Kencana's specialized in offshore structure design and engineering, fabrication and offshore hook up and commissioning.

On December 29, 2013, SapuraKencana share price reached its peak at RM4.96, the firm's market capitalization reached RM28.5 billion, and becoming the second largest oil & gas services provider, only behind to Italy's Saipem S.p.A.. But following the 2014 oil shock, due to oversupply of oil and increased production from OPEC which saw the price of crude oil tanked more than 40%, significantly impacted Sapura Energy's revenue and profitability. The company's reliance on drilling and exploration activities made it particularly vulnerable to this decline. In addition, the company aggressive expansion through debt-funded acquisitions, including the US$2.83 billion purchase of Seadrill Ltd's tender rig business in 2013 and the US$900 million acquisition of Newfield Exploration's assets, increased the firm financial risk and gearing. As a result, the share price of the company tanked more than 50% from the peak of RM4.96 in December 2013 to RM2.27 by December 2014, losing more than RM10 billion in market capitalization.

Financial difficulties and COVID-19 pandemic (2016–2023)

The further worsening of oil prices, which tanked to $34.62, reaching an 11-year low in January 2016, placed additional pressure on the company's financial position, resulting in significant impairment of its assets. These assets, mostly acquired through debt financing during the peak of oil prices, caused the company to suffer substantial financial losses. For the fiscal year ended 31 January 2016, the company reported an impairment loss of RM2.029 billion, leading to a net loss of RM791.445 million, compared to a net profit of RM1.433 billion in the previous year. By 2016, the company's gearing ratio stood at 134.15%, with net debt of RM16.38 billion against total equity of RM12.21 billion.

In March 2017, the company was renamed Sapura Energy Berhad, in an effort to enhance its brand image. However, financial difficulties persisted even after the name change. In 2017, the firm reported a net profit of RM206.164 million, primarily due to a decline in revenue, which was offset by a reduction in asset impairment. In 2018, the company suffered a net loss of RM2.505 billion, largely driven by an asset impairment of RM2.132 billion.

The COVID-19 pandemic, which began in March 2020, further strained the company's finances, primarily due to supply chain disruptions, project delays affecting gross profit, high financing costs to service its debts and also declined in oil price. For FY2022, ended 31 January, the company recorded a net loss of RM9.060 billion, mainly due to a RM1.245 billion decline in revenue, from RM5.348 billion to RM4.100 billion, a RM1.534 billion increase in cost of sales, from RM4.730 billion to RM6.264 billion and an impairment loss of RM5.606 billion. These factors evaporated Sapura Energy's shareholder equity, which fell from RM8.936 billion to just RM0.078 billion, a decline of 99.1%. As of 25 March 2022, the company's share price stood at only 3 cents, having fallen 99.39% from its peak of RM4.96 on December 29, 2013. Due to its troubled financial health and shareholder equity less than 50% of its share capital, the company was classified as a PN17 company on May 31, 2022.

Post-pandemic and rebrand as Vantris Energy (2023–present)

The fiscal year 2023, saw Sapura Energy shareholder equity falls below zero for the first time, at negative RM2.906 billion, after another net loss of RM3.176 billion. On August 1, 2025, the company change its name from Sapura Energy Berhad to Vantris Energy Berhad, in attempt to rebrand the company image amid financial difficulties.

Engineering and Construction

One of Sapura Energy's core businesses is Engineering and Construction, which includes the creation of offshore platforms and marine pipelines for oil exploration. It is supported by a strategic group of assets such as pipelaying vessels, six of which are in full operation for Petróleo Brasileiro S.A. (Petrobras) in Brazil. The vessels are fitted with remotely operated vehicles (ROVs) developed and built by Total Marine Technology Pty Ltd (TMT), an Australian subsidiary of SapuraKencana.

Operations and Maintenance

Through its engineering, procurement, construction, installation, and commissioning (EPCIC) solutions, Sapura Energy also offers its clients in the oil and gas industry operations and maintenance (O&M) services. Its offshore support services ranges from topside maintenance, subsea services, brownfield rejuvenation, and geosurvey and geotechnical, to the provision of offshore support vessels.

Drilling and Completion

The world's largest owner and operator of tender rigs, Sapura Energy maintains more than 50% of the global market share. In 2013, Sapura Energy bought $2.9 billion worth of tender rigs from deepwater drilling company Seadrill, further expanding the company's tender rig business. The company has over four decades of experience in tender-assist drilling operations and drills more than 400 wells in a year.

Exploration and Production

Sapura Energy is also known for its exploration and production of oil and gas. In 2014, the company's energy division was able to lift 5.1 million barrels of oil equivalent from Peninsula Malaysia fields. In the same year, it achieved a 100% exploration success rate due to its five significant gas discoveries in Sarawak’s SK408 project, resulting in more than three trillion cubic feet of gas.