KUALA LUMPUR: Sapura Energy Bhd
reiterated that it has taken and can proceed taking decisive actions to resolve the present liquidity issues, together with expediting claims and industrial settlements with purchasers, discussing with distributors, and negotiating with lenders for help by means of current working capital services.
In a submitting with Bursa Malaysia at present, it mentioned the enterprise segments proceed to execute 59 tasks globally with all working licences with purchasers remaining intact.
“Our exploration and manufacturing enterprise, operated by means of SapuraOMV, continues to produce fuel at a fee of 34 kboe per day,” it mentioned.
On Dec 2, a world power information portal reported that cash-strapped Sapura Energy seemed to have been dealt a blow by failing to qualify for Petroliam Nasional Bhd’s prized Kasawari section two front-end engineering and design contract.
“We would love to reiterate that Sapura Energy remains to be a going concern.
“We acknowledge that the group is presently going through short-term money movement and liquidity issues, primarily exacerbated by the unprecedented COVID-19 pandemic,” it mentioned.
Focusing on long-term sustainability, it mentioned the beforehand introduced Board Restructuring Task Force is drawing up a reset plan that goals to strengthen the stability sheet, enhance the monetary framework, streamline the working mannequin, and chart future enterprise course.
The activity power contains group chief government officer Datuk Anuar Taib and 5 administrators from Sapura Energy’s board, whereas PriceWaterhouseCoopers and Rothschild & Co have been appointed as unbiased monetary advisers.
It mentioned the event of the reset plan has been progressing nicely.
“We have engaged with key stakeholders they usually have been supportive,” Anuar mentioned. – Bernama
