Past clean-up not enough to turn around Sapura Energy — what’s next?


Dateline 2021-10-30, The Edge:

Sapura Energy Bhd’s latest quarterly loss of RM1.52 billion was a big surprise to the market.

The company, which is 40%-owned by Permodalan Nasional Bhd, was expected to be better prepared having completed its RM10 billion debt refinancing in March. Oil prices doubled from last year to over US$80 (about RM331.28) per barrel. And the group even had a healthy order book of over RM7 billion.

Sapura Energy — arguably the largest Malaysia-listed oil and gas contractor — said that “the decrease was mainly contributed by provisions for foreseeable losses and higher project costs incurred for certain projects during the current quarter”.

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