Date: 26.06.2023.

Kuala Lumpur, 26 June 2023

Summary of Q1 FY2024 financial results:

  • Revenue of RM952 million
  • EBITDA of RM332 million
  • PATAMI of RM146 million
  • New contract wins with combined value of RM1.4 billion

Sapura Energy Berhad (“Sapura Energy”) and its group of companies (“the Group”) recorded positive financial results in the first quarter of financial year 2024 (“Q1 FY2024”), posting Group profit after tax and minority interests (“PATAMI”) of RM146 million, a 58 percent increase from the RM92 million it posted in the first quarter of financial year 2023 ("Q1 FY2023”).

The PATAMI was achieved on the back of RM952 million in revenue, a moderate increase from the  RM886 million revenue garnered in Q1 FY2023.

The Group reported a 30 percent improvement in earnings before interest, taxes, depreciation, and amortisation (“EBITDA”) at RM332 million for Q1 FY2024, compared to the RM250 million EBITDA reported in the corresponding quarter of the previous financial year.

“The results are rooted in our resilience and determination to turn around the company, despite our status as a Practice Note 17 issuer with limited access to working capital and bank guarantees”, said Sapura Energy Group CEO Datuk Mohd Anuar Taib.

All business segments operated by Sapura Energy posted encouraging EBITDAs with Engineering & Construction (“E&C”) delivering RM46 million; Operations & Maintenance (“O&M”) at RM7 million; and Drilling posting RM130 million.

PATAMI in Q1 FY2024 was primarily driven by the combined efforts of all business segments, which materialised through higher EBITDA arising from revenue recognised from new and ongoing projects, and favourable foreign exchange gains following the strengthening of the U.S dollar.

Group revenue saw a boost due to several factors, including the commencement of a major E&C project in Congo and the steady income generated from the nearly full utilisation of its fleet of drilling rigs.

“Our strategy to deploy key assets beyond Malaysian borders, augments our ability to secure work and complete projects for international clients. This strategy has enabled the Group to export its expertise and bring back revenues earned in US dollars to our shores,” added Datuk Anuar Taib.

Nearly 70 percent of its Q1 FY2024 revenue was generated from the Group’s international operations. As much as RM748 million in external revenue were denominated or earned in U.S. dollars, indirectly benefitting the nation’s economy.

Sapura Energy intends to sustain this momentum, with terms and risk levels acceptable to the Group. This is evidenced by its bid book, which primarily consists of international projects. Approximately 90 percent of its bidding activities are currently directed towards opportunities outside Malaysia.


Sapura Energy's strategic decision to deploy key assets outside of Malaysia and concentrate on regions where it holds a strong competitive advantage has yielded commendable results. Despite facing financial constraints, the Group was able to secure several new international wins thanks to the strong partnerships it has cultivated with both new and existing clients.

Sapura Energy recently disclosed that its E&C, O&M, and Drilling business segments secured contract awards in the Eastern and Western Hemispheres with a combined value of about RM1.4 billion, increasing its outstanding order book to RM5.8 billion. More than 70 percent of the combined contract values are from projects outside Malaysia, indicating a growth trajectory beyond its home base.

Of the RM 979 million new wins in the E&C segment, 58 percent are transportation and installation projects in the Western Hemisphere. In the Drilling segment, 10 out of 11 rigs are operational, with seven rigs operating internationally and three in Malaysia. Drilling is anticipated to reach full utilisation by the end of the second quarter of financial year 2024. The Group’s O&M business segment aims to establish its position as a regional player in the South-East Asian and Middle East markets with the inclusion of underwater inspection and repair & maintenance as part of its service offerings.

The Group is determined to continue maximising its assets and capabilities both in the Eastern and Western Hemispheres, whilst enhancing its service offerings to include decommissioning capabilities, through collaborations and shared technical expertise.


Sapura Energy remains on track with the implementation of its Reset plan, which includes efforts to address its unsustainable debt and outstanding amounts owed to trade creditors. The company is committed to regularising its financial position, ultimately emerging from its status as a Practice Note 17 ("PN17") company.

The Group is making progress towards finalising its Proposed Restructuring Scheme ("PRS") and Regularisation Plan.

As previously announced, the High Court recently allowed Sapura Energy and 22 of its wholly owned subsidiaries an extension for Convening and Restraining Orders granted in their favour, from 11 June 2023 to 10 March 2024.

Additionally, the Group has been granted a time extension up to 30 November 2023 to submit its PN17 regularisation plan to the relevant regulatory authorities.

These extensions are crucial for the Group to refine and finalise a fair and equitable proposed restructuring scheme and regularisation plan for its stakeholders.

The proposed restructuring schemes will also include a potential financial investment from a white knight of approximately RM1.8 billion, which would support the Group's goal to preserve the industry eco-system.

Meanwhile, Sapura Energy has validated approximately RM1.5 billion in claims from about 2,000 vendors through its Proof of Debt exercise involving trade creditors.  The adjudication phase is almost complete, with only eight claims still being processed.

Cautionary note: “Sapura Energy”, “the group” and “the company” are used for convenience where references are made to Sapura Energy Berhad in general. Similarly, words like “we”, “us” and “our” are used to refer to Sapura Energy Berhad in general or to those who work for the company and its subsidiaries, where relevant. This press release may contain forward-looking statements. All statements other than statements of historical facts included in this press release, including, without limitation, those regarding our financial position, financial estimates, business strategies, prospects, plans and objectives for future operations, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. Such forward-looking statements reflect our current view with respect to future events and are not a guarantee of future performance. Forward-looking statements can be identified by the use of forward-looking terminology such as the words “may”, “will”, “would”, “could”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “aim”, “plan”, “forecast” or similar expressions and include all statements that are not historical facts.