Sapura Energy, units get extension to restructure RM15bil debt

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Sapura Energy, units get extension to restructure RM15bil debt FMTNews FMTBusiness

Malaysia News, Malaysia Headlines

Sapura Energy’s financial performance has shown a marked improvement, posting an operating profit of RM751 million in FY2023 from an operating loss of RM2.2 billion in FY2022.

The extension is necessary to finalise the proposed schemes with its financiers and other creditors, following significant progress in negotiations to resolve their debt. “We are determined to protect the value of all our stakeholders in the oil and gas ecosystem,” he added. Media reports indicate the group is looking to divest subsidiary SapuraOMV as part of the proposed restructuring scheme. It has also completed an independent valuation for selected assets to be divested worth RM2.25 billion, as settlement to its creditors.

Sapura Energy suffered a full-year net loss of RM3.2 billion for FY2023, which was considerably lower than the RM9.05 billion loss recorded for FY2022.

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