KUALA LUMPUR (Feb 15): Sapura Energy Bhd’s share price on Tuesday (Feb 15) slipped half a sen or 11.11% to hit an all-time low of four sen before it pared losses and closed unchanged at 4.5 sen.

The stock was among the most actively traded counters with some 88.24 million shares changing hands, more than twice its 200-day average volume of 34.18 million.

At 4.5 sen, the oil and gas (O&G) service provider is valued at RM719.06 million.

On Monday (Feb 14), Sapura Energy said five of its wholly-owned subsidiaries have been served winding-up petitions from separate petitioners in relation to unpaid contract sums, settlement agreement sums and judgement sums totalling some RM47.5 million.

The 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 group noted that none of the subsidiaries are major ones as defined under Chapter 1 of the Main Market Listing Requirements.

Sapura Energy added that the group and its subsidiaries are negotiating with the respective petitioners and have engaged lawyers for advice.

“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,” it said.

For the third quarter ended Dec 31, 2021 (3QFY22), the group saw its net loss narrow by 56% to RM669.34 million from RM1.52 billion in 2QFY22, as the previous quarter saw higher project costs recognised for certain projects and a provision for foreseeable losses.

Its revenue jumped about 94% to RM1.46 billion from RM747.1 million quarter-on-quarter, on higher completion of its projects recognised in the reporting quarter.

However, compared to its year-ago corresponding quarter of 3QFY21, the group sank into a net loss compared to a net profit of RM17.21 million previously, despite an almost 10% revenue improvement from RM1.33 billion, as three of its four business segments reported losses, while its only profitable segment saw earnings halved.