Sapura Energy narrows net loss to RM3.3bil in 4Q

Sapura Energy said this would provide more time for the company and its subsidiaries to engage with creditors in their debt restructuring efforts, without being distracted by the threat of legal proceedings.

KUALA LUMPUR: Sapura Energy Bhd, which posted a net loss of RM3.3bil in the fourth quarter ended Jan 31 (4Q23), will continue to implement its Reset plan to address unsustainable debt and resolve overdue claims by trade creditors.

“Critical to the successful delivery of sustainable value to all stakeholders, the group is developing its regularisation plan to address its PN17 status, underpinned by the schemes of arrangement with lenders and creditors. The board of directors is committed to ensure the interest of all stakeholders will be considered in a fair and equitable manner, it stated,” Sapura Energy said in a statement.