Malaysia-based offshore oil and gas services company Sapura Energy has officially changed its name to Vantris Energy, with effect from 1 August, as part of a broader corporate overhaul targeted at rescuing the firm from its enduring financial troubles.

The name change follows shareholder approval at an extraordinary general meeting held on 30 July, and the issuance of a certificate of incorporation on change of name of company by the companies commission of Malaysia. 

The name Vantris Energy “reflects the group’s renewed purpose and identity,” the company said in a statement.

‘Van’ is derived from ‘vanguard’, symbolising being at the forefront and moving forward with purpose. ‘Tri’ signifies the company’s commitment to its three core values, three principles and three business pillars. The ‘S’ encapsulates its brand promise – ‘Solutions Delivered Safely’. ‘Energy’ grounds the name in its core sector and the drive of its people.

“The idea for the name came from our own people – we received over 200 submissions and Vantris Energy emerged as the top choice. It marks a new chapter for our company, honours our journey, and represents the trust we aim to rebuild with stakeholders,” said Muhammad Zamri Jusoh, Vantris Energy Group’s CEO.

In a separate extraordinary general meeting also on 30 July, shareholders also overwhelmingly approved the company’s proposed regularisation plan (PRP) – a key step in its financial and operational turnaround. 

The PRP, approved by Bursa Malaysia Securities Berhad in June 2025, comprise four core components capital reconstruction, debt restructuring, fundraising, and a proposed exemption.

Under the capital reconstruction exercise, the company plans to undertake a 99.99% capital reduction to offset accumulated losses, together with a 20-to-1 share consolidation. 

Together, “these measures are designed to restore the company’s financial health and support operational recovery,” Vantris Energy said.

GCC project contracts

The erstwhile Sapura Energy has been operating in the Gulf oil and gas projects market since at least a decade, but has found limited success.

Sapura Energy’s biggest contract came in 2018, when North Oil Company – a joint venture of QatarEnergy (70%) and France’s TotalEnergies (30%) – awarded the company an estimated $560m contract for engineering, procurement and construction (EPC) services for package 1 of the first phase of the Gallaf batch one project to boost productivity of the Al-Shaheen oil field in Qatar.

Also in Qatar, Sapura Energy won an estimated $100m contract in 2020 from TotalEnergies for EPC works on the Al-Khalij oil field, located in offshore Block 6.

In 2021, Saudi Aramco awarded Sapura Energy a contract, estimated to be valued between $40-60m, for EPCI of three jackets at the Abu Safah, Ribyan and Zuluf oil fields in Saudi Arabia. The contract sits as number 59 on Aramco’s Contract Release and Purchase Order (CRPO) system.

Sapura Energy was also part of Aramco’s Long-Term Agreement (LTA) pool of offshore EPCI contractors, although it is understood that their agreement was not renewed earlier this year when Aramco signed new LTAs with other existing contractors.