Malaysian oil and gas contractor Sapura Energy Bhd.’s restructuring plan to restore financial stability is entering its “final stages,” according to the company’s first-quarter earnings statement.
Regulator Bursa Malaysia’s approval of the blueprint to restructure debt puts the company on a path to exit its financially distressed classification set by Malaysia’s stock exchange, the company said.
The country’s anti-graft agency said in March it was investigating the cash-strapped company, which reported a net loss in the quarter ended in April, for alleged misappropriation of funds. Prime Minister Anwar Ibrahim said that month he ordered an audit of the firm and change of management. He also approved a 1.1 billion ringgit ($262.5 million) injection into the company, but denied that it was a bailout.
Sapura Energy’s restructuring is “aimed at addressing the group’s unsustainable debt levels and restoring financial stability,” according to its statement. “Restructuring efforts remain on track and have entered the final stages.”
The company said the plan will help reduce total borrowings to 5.6 billion ringgit from 10.8 billion ringgit, without giving a time frame.
Sapura Energy reported a first-quarter net loss of 478.0 million ringgit compared with a profit of 82.1 million ringgit a year ago. It cited a challenging project in Angola, as well as lower activity across the oil industry’s operations, maintenance and drilling segments, for the loss.
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