Sapura Energy rides on new contracts

TheStar Wed, Nov 18, 2020 09:10am - 2 years View Original


Choppy waters: Although the group is bidding for RM29.4bil of new jobs with additional prospective projects of RM63bil, clients could defer the awards until next year, according to a research house.

PETALING JAYA: The latest contract win amounting to RM611mil by Sapura Energy Bhd is positive news at a time when jobs are scarce in the oil and gas (O&G) sector.

However, the immediate challenge is the RM10bil debt which needs to be refinanced with 14 banks by next month, according to AmInvestment Bank.

This could mean “additional equity-raising exercise in the pipeline that will translate to massive dilution given the current low share price”, said the research firm in a report.

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Comments

Hairuddin Jamak
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lots of contract but high debts

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