Sapura Energy S Subsidiaries Served With Winding Up Petitions

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Sapura Energy Bhd’s (SEB) wholly-owned subsidiaries Sapura Fabrication Sdn Bhd (SFSB), Sapura Offshore Sdn Bhd and Sapura Project Services Sdn Bhd (SPSSB) were served with winding-up petitions and affidavit verifying petitions.
In a filing with Bursa Malaysia today, SEB said that SFSB was served with the winding-up petition and affidavit verifying petition dated March 3, 2022, taken out by Posh Subsea Pte Ltd via its lawyer Messrs Shaikh David & Co on March 9, 2022.
Meanwhile, it said Sapura Offshore was served with a winding-up petition dated March 4, 2022, taken out by Lincoln Energy Sdn Bhd via its lawyer Messrs John Yong & Irene Song on March 9, 2022.
Sapura Offshore was also served with a winding-up petition and the affidavit verifying petition dated March 3, 2022, taken out by Semco Salvage (V) Pte Ltd via Messrs Shaikh David & Co on March 9, 2022.
SPSSB was served with a winding-up petition dated Feb 28, 2022, and the affidavit verifying petition dated March 1, 2022, taken out by Danamin (M) Sdn Bhd via Messrs Shook Lin & Bok on March 7, 2022.
For the financial year ended Jan 31, 2022, Sapura Energy Bhd’s net loss widened to RM8.9 billion from RM160.87 million a year ago.
In a recent filing, it said revenue declined to RM4.13 billion from RM5.35 billion previously due to the lower percentage of completion recognised in the current year, resulting from recognition of foreseeable losses and higher project costs in the engineering and construction (E&C) business segment.
It said the E&C and operation and maintenance businesses continued to face execution challenges mainly due to disruption from Covid-19 and lack of access to adequate working capital facilities despite the market recovery in the latter part of the year which has brought improved performance from its drilling segment,
“Our situation was further compounded by some operational underperformance in certain projects,” it said.
- Bernama

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