APPLICATION FOR RECOGNITION PURSUANT TO PART 11 AND THE THIRD SCHEDULE OF THE INSOLVENCY, RESTRUCTURING AND DISSOLUTION ACT 2018

HC/OA 240 – 242/2024 & HC/SUM 640 – 641/2024

(1) SAPURA ENERGY BERHAD, (2) SAPURA FABRICATION SDN. BHD. & (3) SAPURA OFFSHORE SDN. BHD.

NOTIFICATION NO. 6

1. We refer to the above matters and our previous notifications. Unless otherwise stated, we adopt the abbreviations used in our previous notifications.
2. Please be informed that the Recognition Applications for Sapura Energy Berhad (“SEB”), Sapura Fabrication Sdn. Bhd. (“SFSB”) and Sapura Offshore Sdn. Bhd. (“SOSB”) (each a “Company”) in HC/OAs 240 to 242/2024 respectively were granted by the Honourable Justice Aedit Abdullah (the “Judge”) during the hearing on 8 May 2024 at 10.00 am (Singapore time).
3. The Judge has granted the following relief in favour of the SEB, SFSB and SOSB:
   1. The reorganisation proceeding in relation to the Company (the “Reorganisation Proceeding”) be and is hereby recognised by the High Court of Singapore and in Singapore as a foreign main proceeding within the meaning of Article 2(f) of the UNCITRAL Model Law on Cross-Border Insolvency as adopted in Singapore by way of Part 11 and the Third Schedule of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018) (the “Model Law”).

3. 2. For the purposes of applying for and obtaining this order, Datuk Mohd Anuar Bin Taib, Chew Seng Heng and Norzaimah binti Maarof, being the persons authorised to act as the representatives of the Company pursuant to a board resolution in writing of the Company dated 11 February 2024 and the order granted by the High Court of Malaya in Kuala Lumpur (the “Malaysia Court”) on 7 March 2024, be and are hereby recognised by the High Court of Singapore and in Singapore as foreign representatives within the meaning of Article 2(i) of the Model Law (the “Foreign Representatives”).

3. 3. Subject to paragraph iv below, except with the consent of the Foreign Representatives or with leave of the Court (subject to such terms as the Court may impose):

a. commencement or continuation of individual actions or individual proceedings concerning the Company’s property, rights, obligations or liabilities be and is hereby stayed;

b. execution against the Company’s property be and is hereby stayed; and

c. the right to transfer, encumber or otherwise dispose of any property of the Company be and is hereby suspended.

3. 4. The stay and suspension mentioned in paragraph iii above shall be:

a. the same in scope and effect as if the Company had been made the subject of a winding up order under the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018); and

b. subject to the same powers of the Court and the same prohibitions, limitations, exceptions and conditions as would apply under the laws of Singapore in such a case.

3. 5. The Company is to apply to this Court to lift the effect of paragraphs iii and iv above within seven business days of the Restraining Order (as defined in paragraph 4 of the order of the Malaysia Court dated 7 March 2024 made in Originating Summons No. WA-24-NCC-85-02/2024 filed on 20 February 2024 in relation to the Company) terminating for whatever reason.

3. 6. The Foreign Representatives, the Company, any person claiming to be a creditor of the Company and any person whose interest may be affected by this order shall have liberty to apply for directions in relation to its interpretation or implementation.
4. The Judge also granted the Discharge Applications (i.e. to discharge the previous recognition orders for SFSB and SOSB).
5. We will continue to keep you updated on material events and any further directions from the Singapore High Court. Thank you.