In a filing with Bursa Malaysia today, the oil and gas services provider said in the current year, the group has not made provision for impairment on goodwill on consolidation (FY2023: RM1.46 billion) but has made provision for impairment on property, plant and equipment of RM25.8 million (FY2023: RM1.16 billion).

The company posted lower revenue of 6.5% to RM4.26 billion from RM4.55 billion previously, as a result of lower revenue posted by the engineering and construction (E&C) business segment.

For the fourth quarter of 2024 (Q4 2024), the company reduced losses to RM728.44 million from RM3.26 billion, while revenue declined to RM1.06 billion from RM1.22 billion in the same quarter last year.

Sapura Energy group CEO Anuar Taib said it is committed to its operational turnaround by focussing on efficiency improvements, enhancing client relationships, and fostering greater collaboration with clients, partners and vendors.

“Despite the challenges posed by the ongoing restructuring process, we are determined to progress our ‘reset’ milestones and further solidify Sapura Energy’s market position,” he said in a statement.

It said the group’s order book currently stands at RM5 billion, while the order book held by the group’s joint venture and associate entities stands at RM3 billion.

Sapura Energy added that the company’s E&C and operations and maintenance segments are actively pursuing several prospects, focussing on fabrication, transportation & installation, and subsea inspection, repair and maintenance.

“The group will also explore opportunities in energy transition projects, including offshore decommissioning,” it said.

As at 5pm, Sapura Energy’s share price was down by 0.5 sen or 11.11% at four sen, giving it a market capitalisation of RM735 million.