Sapura Energy posted a net loss of RM2.29 billion (US$593.73 million) for the quarter to Jan 31 against a net loss of RM172.3 million in the same period a year ago, according to a filing on the local stock exchange.
Revenue stood at RM1.19 billion, compared with RM1.81 billion a year ago.
For the full year, Sapura posted a net loss of RM2.5 billion, including RM2.1 billion in impairments, mainly of its drilling rigs. The loss compared with a RM206 million profit a year ago.
Sapura said in its filing that the impairment would enable the group to operate at a lower cost base going forward, and the company continued to optimise costs, including impairing assets.
“The industry has seen a gradual recovery from the low levels of activity experienced in the last three years as reflected in the higher crude oil prices,” it said.
“The group remains focused on maintaining strong operational performance and replenishing the order book by strengthening its position in existing markets and embedding ourselves into new ones to enlarge the bid opportunities.”
Sapura Energy’s shares were down 1.8% this afternoon, underperforming a 0.2% decline in the benchmark index.