Sapura Energy Berhad wishes to announce that it has been granted a time extension of up to 31 May 2024, to submit its Practice Note 17 regularisation plan to the relevant regulatory authorities.

In a filing with Bursa Malaysia today, its principal adviser MIDF Amanah Investment Bank Berhad announced on behalf of the Company that Bursa Malaysia Securities had given the extension to Sapura Energy vide its letter dated 13 December 2023.

The extension of time would enable the Company to continue building a robust regularisation plan based on the ongoing debt restructuring exercise, which is well underway following the confirmation for its proposed restructuring scheme approval-in-principle from the Corporate Debt Restructuring Committee

Sapura Energy also filed with Bursa Malaysia yesterday its third consecutive positive quarter in financial year 2024, posting a profit after tax and minority interests of about RM31 million, on the back of earnings before interest, taxes, depreciation, and amortisation of RM211 million, and revenue of RM1.10 billion.

On behalf of the Board of Directors and the leadership team, Sapura Energy would like to express its deepest gratitude for the continued trust and support from all its stakeholders.