Financially beleaguered Malaysian offshore and marine contractor Sapura Energy has officially changed its name to Vantris Energy, following shareholder approval.
The now-Vantris said the name change, which took effect on 1 August, reflects “the cumulative effort the company has made in its corporate transformation”.
Vantris emerged as the top choice of more than 200 company personnel who submitted suggestions.
‘Van’ is derived from vanguard, said to symbolise being at the forefront and moving forward with purpose. ‘Tri’ — also part of Singapore-headquartered rival Seatrium’s name — signifies Vantris’ commitment to its three core values, three principles and three business pillars. Meanwhile, the ‘s’ encapsulates the company’s brand promise: “Solutions Delivered Safely”.
The contractor added that ‘Energy’ grounds the name in its core sector and the drive of its people.
“[The name change] marks a new chapter for our company, honours our journey and represents the trust we aim to rebuild with stakeholders,” commented Vantris chief executive, Muhammad Zamri Jusoh.
The name change coincides with the company’s impending implementation of its Proposed Regularisation Plan (PRP), which received more 99% shareholder approval at a separate Extraordinary General Meeting, also held on 30 July. The PRP, approved by Bursa Malaysia Securities in June, comprises four core components: Capital reconstruction, debt restructuring, fundraising and a proposed exemption.
Together, these measures are designed to restore Vantris’ financial health, support operational recovery and facilitate an eventual exit from Practice Note 17 (PN 17) status.
Under the capital reconstruction exercise, the Company will undertake a 99.99% capital reduction to offset accumulated losses, together with a 20-to-1 share consolidation. As part of the debt restructuring, total borrowings will be almost halved from 10.8 billion ringgit to approximately 5.6 billion ringgit (US2.56 billion), resulting in a projected reduction of more than 500 million ringgit in interest expense.
Vantris said this significant deleveraging positions it to return to profitability and rebuilds confidence with clients and financiers. Malaysia Development Holding (MDH) will subscribe up to 1.1 billion ringgit in redeemable convertible loan stocks (RCLS) as part of the fundraising exercise, with the proceeds being used to settle outstanding payments to Malaysian oil and gas vendors.
Shareholders also approved an exemption for MDH and its Persons Acting in Concert from undertaking a mandatory general offer should the RCLS be fully converted into shares.
“We are deeply encouraged by the strong mandate from our shareholders. We are also glad that shareholders have actively exercised their rights and played a decisive role in shaping the company’s future. With these approvals, Vantris is now in a stronger position to move forward with renewed focus, financial strength and purpose,” added Muhammad Zamri.
Vantris said it would now prioritise the phased implementation of the PRP, targeting an exit from PN 17 status after achieving two consecutive quarters of profitability — Sapura had posted a loss for the three months ended 30 April 2025, which it refers to as the first quarter of its 2026 financial year.
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