This came largely through gains from foreign exchange earnings.

The oil and gas outfit reported losses of RM97.07 million in the corresponding quarter in its last financial year. Profits were up due to forex gains and higher contribution from its operations and maintenance business.

However, the group’s revenue for the quarter fell 39.7% to RM886.08 million from RM1.47 billion reported in the same quarter of the previous reporting period.

In a filing to Bursa, the group reported positive earnings before interest, taxes, depreciation, and amortisation (Ebitda) for all operating subsidiaries, with engineering and construction registering RM62 million from RM587.8 million revenue. Operations and maintenance earned the group a revenue of RM120.9 million while drilling raked in RM231.8 million.

As part of its holistic restructuring plan the group embarked on a series of negotiations with clients for amicable solutions to ensure project delivery, thus contributing to its positive outcome this quarter.

Sapura Energy recently disclosed that its drilling and E&C business segments secured major contracts in the eastern and western hemispheres with a combined value of about RM2.5 billion, and an additional win of almost RM200 million contributed by its joint venture company. These awards bring its order book to RM8.3 billion.

On the performance, Sapura group CEO Mohd Anuar Taib said it is seeing the first green shoots of recovery, following the implementation of its reset plan.

“We still have significant hurdles to overcome before we can sustain this encouraging momentum.”

Currently, the group is classified as a practice note 17 (PN17 ) company and a regularisation plan based on its reset plan is being formulated.

“Delivering our reset plan becomes more important than ever as it is our route to a stable platform for the group, enabling us to exit the PN17 status and grow in the near future”, Mohd Anuar explained.