However, its revenue for Q3 FY2024, declined 13.4% to RM1.1 billion from RM1.27 billion previously due to lower revenue contribution from the engineering and construction (E&C) business segment, it said in a filing with Bursa Malaysia.

For the cumulative nine-month period, the company’s net profit surged to RM219.78 million from RM99.3 million last year while revenue slipped to RM3.2 billion from RM3.33 billion previously.

In a statement, its group CEO Anuar Taib said that he is confident in Sapura Energy’s growth prospects, in line with its strategy to rebalance its global portfolio and deploy key assets to regions where it can be competitive.

“To capitalise on opportunities across all our business segments, we are bidding for major projects in Africa, the Mediterranean, the Atlantic, and the Asia-Pacific regions.

“Trusted partnerships with clients and peers have helped us navigate challenges related to limited liquidity, enabling us to win more work,” he said.

Meanwhile, the company continues to progress with its restructuring plan, which includes efforts to resolve its unsustainable level of debt and amounts owed to trade creditors.

Earlier, Sapura Energy received confirmation from the Corporate Debt Restructuring Committee that at least 75% of the financiers of its approximately RM10.3 billion in Multi-Currency Financing Facilities (MCF) financiers have provided the requisite approval-in-principle for a proposed debt restructuring scheme (PRS).

The approval in principle will facilitate court-convened meetings with all its creditors, according to the statement.

“This important milestone will then allow us to develop a regularisation plan and address our status as a company under Practice Note 17 (PN17).

“More importantly, it will help us to finally offer a fair and equitable resolution to our creditors, including the many who are small and medium Malaysian vendors,” Anuar said.

At market close, Sapura Energy’s share price was 5 sen, giving it a market capitalisation of RM798.95 million.