FIVE wholly-owned subsidiaries of Sapura Energy have been served with winding up petitions in relation to unpaid contract sums, settlement agreement sums and judgment sums totalling RM47.5 million

The five subsidiaries are Sapura Fabrication Sdn Bhd, Sapura Project Services Sdn Bhd, Sapura Subsea Services Sdn Bhd, Sapura Offshore Sdn Bhd and Sapura Pinewell Sdn Bhd.

The winding up-petition was posted to Bursa Malaysia, Sapura said none of the subsidiaries are defined under Chapter 1 of the Main Market Listing Requirements.

“The company and its subsidiaries are negotiating with the respective petitioners and have engaged legal counsel for advice as to the amicable resolution of these matters. 

“Pending the outcome of negotiations and receipt of such legal advice, there will be no immediate material financial and operational impact and no expected losses to the group arising from the Petitions. 

“Any material development in these matters will be announced in due course,” Sapura said in the filing to Bursa.

Sapura Fabrication was served with winding up petitions by two parties, Dura International Sdn Bhd and Public Crane Heavy Equipment Sdn Bhd.

It owes Dura International RM6.9 million in unpaid judgement while Public Crane Heavy Equipment is owed RM6.2 million for crane rental services.

Sapura project services was served with a winding up petition by DTEC Engineering and Construction Sdn Bhd over an outstanding amount of RM15 million for unpaid settlement agreement sum.

Two winding-up petitions were brought against Sapura Subsea by Fast Global Link Services for RM1.15 million for sums due for the provision of logistics services and Mectra Synergy for RM110,483 in amount owed for marine services.

Sapura Offshore was served with three winding-up petitions.

It owes Perdana Nautika Sdn Bhd RM6.7 million for vessel charting, Hycotech Sdn Bhd RM5.3 million for vessel charting and Equatorial Marine Fuel Management US$226,760 and SGD 15,664 for supply of marine gas oil.

Meanwhile, Sapura Pinewell was served with two winding-up notices by Perdana Nautika and Hycotech.

It owes Perdana Nautika RM3.6 million for vessel chartering and Hycotech RM820,932 for accommodation and catered meals cost.

Kenanga Research forecasts a net loss in Sapura’s 2022 financial year of nearly RM2.5 billion and in 2023 a net loss of RM508 million.

AmInvestment Bank estimates losses of RM3 billion in 2022, RM1.5 billion in 2023 and RM620 million in 2024. – February 15, 2022.