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. 5
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. 4
(1) Sapura Energy Berhad, & (2) Sapura Fabrication Sdn. Bhd. & & (3) Sapura Offshore Sdn. Bhd.
HC/OA 240 – 242/2024 & HC/SUM 640 – 641/2024
Notification No. 3
(1) Sapura Energy Berhad, & (2) Sapura Fabrication Sdn. Bhd. & & (3) Sapura Offshore Sdn. Bhd.
Notification No. 2
(1) Sapura Energy Berhad, & (2) Sapura Fabrication Sdn. Bhd. & & (3) Sapura Offshore Sdn. Bhd.
Notification No. 1
(1) Sapura Fabrication Sdn. Bhd. & (2) Sapura Offshore Sdn. Bhd.
HC/OA 921/2023 & HC/OA 922/2023
Notification No. 5
Sapura Energy Berhad (“Sapura Energy” or ‘the Company”) and 22 of its wholly owned subsidiaries (collectively, the “Scheme Companies”) obtained new orders from the Court today, pursuant to sections 366 and 368 of the Companies Act 2016, to summon meetings of each of their respective scheme creditors and to restrain legal actions or proceedings from being commenced or continued against any of the Entities for a period of 3 months, commencing from 11 March 2023 (“New Convening and Restraining Orders”).
You may read the full media release and the updated FAQ for further clarification by following the links below
APPLICATION FOR RECOGNITION PURSUANT TO PART 11 AND THE THIRD SCHEDULE OF THE INSOLVENCY, RESTRUCTURING AND DISSOLUTION ACT 2018 (1) SAPURA FABRICATION SDN. BHD., (2) SAPURA OFFSHORE SDN. BHD. & (3) SAPURA 1200 LTD
You may read the full notice regarding the latest status of our application
Sapura Energy has filed an application in the High Court of Singapore for its Restraining Order, which was granted by the Malaysian Court, to be recognised in that country.
Further to our notice below, we wish to inform our creditors that the hearing of the Recognition Applications is fixed for 25 January 2023, at 10.00am before the Honourable Justice Vinodh Coomaraswamy. The venue of the hearing is Chamber 6A of the Supreme Court of Singapore.
To date, no creditor has filed and served an affidavit in response to the Recognition Applications.
You may read the full notice regarding the latest status of our application
We would like to update our creditors that the proof of debt (“POD”) process is currently on track at 74 percent completion as of end-December 2022, and we will inform you of the next steps soon. We wish to thank all our creditors for their cooperation and patience.
We would also like to highlight that Sapura Energy has filed an application in the High Court of Singapore for its Restraining Order, which was granted by the Malaysian Court, to be recognised in that country.
Sapura Energy Berhad (“Sapura Energy” or “the Group”), would like to refer to our earlier notice, which stated that the deadline for creditors to submit their proof of debt (“POD”) has been extended to 30 June 2022. With the court’s permission, we had continued to accept late submissions after this date, in consideration to our creditors.
For the purpose of voting at the court-convened meeting pursuant to the subsisting court order, Sapura Energy must bring closure to the POD exercise. Accordingly, the Group has set 20 October 2022 as the final cut-off date for the proof of debt (POD) submissions. We regret to inform you that the scheme companies cannot entertain any POD submissions after the 20 October 2022 cut off. In this regard, the scheme companies will rely on the companies’ records to determine the value of claims for the purpose of voting at the court-convened meeting.
Kindly be informed that the POD verification and notifications in response to the claim submissions are ongoing concurrently . The Group would like to thank all vendors for their patience and cooperation throughout this period.
We would like to provide you the latest updates regarding our scheme of arrangement (“SOA”) process, namely; the extension of restraining orders, and deadline submission of the Proof of Debt (“POD”) exercise.
We would like to provide you the latest updates regarding the next phase of our scheme of arrangement (SOA) process; namely the commencement of the Proof of Debt (POD) exercise along with guidelines to submit your POD claims.
On 10 March 2022, The High Court of Malaysia granted Sapura Energy Berhad (“Sapura Energy” or “the Group”) and 22 subsidiaries (collectively, the “Applicants”) two orders under Section 366 and Section 368 of the companies act to help restructure its debts and settle outstanding payments.
- Scheme of Arrangement (“SOA”) (Under Section 366)
This order permits us to negotiate with creditors a proposed scheme of arrangement (SOA) to resolve outstanding debts, which will be voted at a Court-convened meeting. Once approved by majority and sanctioned by Court, the SOA is binding on the Applicants’ creditors - Restraining Order (“RO” (Under Section 368)
This is an order to stay all legal proceedings against the Applicants for three months while we negotiate a proposed SOA with creditors
The SOA process represents the best long-term solution for the Group to address its liquidity challenges, in line with its Reset plans. Sapura Energy had announced in December the establishment of a Board Restructuring Task Force that will draw up Reset plans to strengthen the Group’s balance sheet, improve the Group’s financial framework, streamline the Group’s operating model and chart future business direction.
“We acknowledge that the past few years have been a difficult period for all of us, and this exercise may initially give rise to more uncertainties for our clients and creditors. However, with the support of all business partners, this will allow us to create a stable platform for us to come up with a fair and equitable solution for all.”
– Datuk Anuar Taib, Group CEO, Sapura Energy Berhad
Sapura Energy will continue to operate as normal and will continue to safely execute projects in the order book to ensure clients can unlock value from their oil & gas assets and generate work for its vendors.
The Group is committed to continue engaging with financiers, clients, vendors, partners and shareholders in relation to the proposed debt restructuring and will be reaching out to these stakeholders as soon as possible.
Stakeholders can channel inquiries and learn more about the proposed scheme of arrangement and debt restructuring plan on this site.
Read the latest developments and press releases by clicking on the below link.
Please visit our FAQ page for further clarification.
2. Sapura TMC Sdn. Bhd.
3. Sapura Fabrication Sdn. Bhd.
4. Sapura Offshore Sdn. Bhd
5. Sapura Pinewell Sdn. Bhd.
6. Sapura Subsea Services Sdn. Bhd.
7. Sapura Petroleum Ventures Sdn. Bhd.
8. Sapura Drilling Probadi Sdn. Bhd.
9. Sapura Technology Solutions Sdn. Bhd.
10. Sapura Nautilus Sdn. Bhd.
11. Sarku Engineering Services Sdn. Bhd.
12. Sapura Marine Ventures Sdn. Bhd.
13. Sapura Engineering Sdn. Bhd.
14. Sapura Engineering (Offshore) Sdn Bhd
15. Sapura Geosciences Sdn. Bhd.
16. Sapura Geotechnics Sdn. Bhd.
17. Sapura Geosurvey Sdn. Bhd.
18. Sapura Drilling Pte Ltd
19. Sapura 900 Pte Ltd
20. Sapura Dana SPV Pte Ltd
21. Sapura Subsea Corporation
22. Sapura 3500 Ltd
23. Sapura 1200 Ltd
Should you require more information, reach out to as at one of the following channels
Helpdesk (Available from Mon – Fri, 1000 – 1600 GMT+8):
+603 8659 8338
Email to Helpdesk
Should you have any enquiries beside the information listed on this page. Please submit them in the from below
Media
All media inquiries should be emailed to Sapura Energy’s Strategic Communications Department