Sapura Energy: 3Q revenue and net loss up but wins contracts

KUALA LUMPUR: Sapura Energy Bhd’s revenue increased to RM1.77 bil in the third quarter (3Q) ended Oct 31, 2019 from RM1.20 bil in the same quarter last year.

However, the oil and gas company incurred a net loss of RM100.89 mil in 3Q compared with RM31.09 mil in the corresponding period previously.

Sapura Energy president and group CEO Tan Sri Shahril Shamsuddin said on Dec 5 that the improvement in revenue reflects the large volume of projects or activities that are in the early execution phases, involving mainly engineering and procurement, with lower project margins.

The company’s performance for the first nine months of this year, according to him,  showed the company’s resilience in sustaining its businesses amidst prevailing market conditions.

“We will continue to focus on turning the corner as we further enhance operational performance, and identify and pursue opportunities globally,” he added.

On the company’s order book, Shahril said it stood at RM15.1 bil, with recent notable contract wins from Hess Exploration and Production, Petronas and Shell Malaysia.

“We expect the industry outlook to remain challenging, and Sapura Energy remains resolute in its strategy to continue to pursue more global opportunities by leveraging its capabilities, track record and strong asset base,” he added. – Bernama

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