SAPURA ENERGY SECURES 10 CONTRACTS WORTH RM1.4 BLN

KUALA LUMPUR, June 8 (Bernama) -- Sapura Energy Bhd have secured 10 contract wins worth RM1.4 billion across the Asia Pacific and Atlantic regions between December 2022 and May 2023.

In a statement today, the group said the contracts were clinched by its wholly owned subsidiaries in the engineering and construction (E&C), drilling, and operations and maintenance (O&M) business segments.

“The E&C business segment secured RM979 million in contract wins, drilling RM352 million, and O&M RM34 million, amounting to a combined value of about RM1.4 billion.

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“More than 70 per cent of the combined contract value is from projects outside of Malaysia,” it said.

Group chief executive officer Datuk Mohd Anuar Taib said deploying some of its assets to new regions enabled the group to secure new clients as well as overcome limitations brought on by financial constraints.

“We are also grateful for the trusted partnerships we have established with new and existing clients, who have continued to seek our solutions to deliver their projects,” he said.

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Sapura Energy said the shift in strategy bore early results in the financial year 2023 (FY2023), as the group recovered from an operating loss of RM2.2 billion in the previous fiscal year to an operating profit of RM751 million in FY2023 despite the limited working capital and macroeconomic challenges.

Building on the positive momentum achieved last year, the group is determined to extend the turnaround and continue exploring opportunities in the Eastern and Western Hemispheres while maximising its assets and capabilities, it added.

-- BERNAMA