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KUALA LUMPUR: Sapura Energy Bhd made a RM1.52bil loss in the second quarter, as the Covid-19 pandemic pushed up the cost on certain projects and forcing the oil and gas company to make hefty provisions for foreseeable losses.
Project delays in Taiwan and India worsened its results.
Revenue in the three-month ended July 31 declined 38% to RM747mil mainly due to lower revenue recognition from the engineering and construction (E&C) and Operations and Maintenance (O&M) business segments.
"This is the result of a lower percentage of completion recognised for projects in the current quarter under review, following recognition of foreseeable losses and higher costs for certain projects," Sapura Energy said in a statement today.
The group said its results were severely impacted by the pandemic.
“Similar to our industry peers, we bore the brunt of both the direct and indirect costs of the pandemic,” Group CEO Datuk Mohd Anuar Taib said.
“We are currently negotiating amicable solutions with our clients, but in these extraordinary times, clients are cautious and reluctant to resolve claims quickly,” he added.
Sapura Energy estimated that cumulated Covid-19 direct costs have escalated to RM397mil as of Q2 FY2022, with RM111mil incurred in the first half of this financial year.
“The consequential costs arising from these can be between twice to four times, depending on the type of project,” Anuar said.
Sapura Energy expects the current hurdles and uncertainties to continue in the second half of the year.
Anuar said turnaround efforts are also hampered by liquidity concerns.
The group, he said, is engaging with parties and lenders on short and long-term portfolio actions to expedite improvements in our cash flow and debt situation.
“We are intensifying and hastening the pace of our Reset journey,” Anuar said.
“We are reviewing the Group’s capital structure and financial framework, as well as the operating model and future business direction,” he added.
To lead this effort, Sapura Energy has set up a Board Restructuring Taskforce to provide oversight and support to the Management Team.
“The Board will be working hard with Management and key stakeholders especially lenders, to turn around the Group as soon as possible,” Chairman Tan Sri Shamsul Azhar Abbas said.
Despite the challenges, Sapura Energy announce that its indirect wholly-owned subsidiary and joint venture in engineering and construction (E&C) have been awarded contracts in Australia and Brazil with combined values of approximately RM942mil and RM1.7bil, respectively.
"The work is to be performed over two campaigns in the first and fourth quarter of the calendar year 2022 and is expected to be completed by the fourth quarter of the calendar year 2022,” it said.