KUALA LUMPUR (March 17): Sapura Energy Bhd said three more of its subsidiaries have been served with winding-up petitions on March 7 and 9, due to non-payment of outstanding sums.

In a filing with the bourse, it said Sapura Fabrication Sdn Bhd (SFSB) was served with a winding-up petition taken out by Posh Subsea Pte Ltd, due to the former being unable to pay according to a payment plan for US$3.99 million (RM16.76 million) plus interest.

It said the case management and hearing dates for the petition have been fixed on April 6 and June 7, 2022.

Sapura Offshore Sdn Bhd (SOSB) was served with a petition by Lincoln Energy Sdn Bhd on the basis of non-payment of invoices of RM150,150, allegedly owing under a contract for the provisions of goods sold and delivered. 

The subsidiary was also served with another winding-up petition by Semco Salvage (V) Pte Ltd in relation to sums due under a contract of Bargehire 2008 Standard Barge Charter Party, under which SOSB was required to pay the outstanding sum of US$443,035 (RM1.86 million).

The case management and hearing dates for both petitions are set for April 6 and June 7 as well.

Meanwhile, Sapura Project Services Sdn Bhd (SPSSB) was served with a winding-up petition by Danamin (M) Sdn Bhd for the sum of RM4.24 million under a construction contract for the provisions of mechanical works.

The case management and hearing dates for the petition have been fixed on March 31 and May 30 respectively.

Sapura Energy’s board of directors stated that the petitioners are restrained from taking actions against the company and the subsidiaries for a period of three months from the date of its restraining order, being from March 10 to June 10, 2022, except by leave of the court. 

“Pending the outcome of the orders, there will be no financial and operational impact and expected losses from the petition,” it said.

Based on the group’s audited financial statements for the financial year ended Jan 31, 2021, its total investment in SFSB, SOSB and SPSSB was RM4.3 billion, RM2.62 billion and RM2.5 million respectively.

On March 10, Sapura Energy and 22 of its subsidiaries were granted two orders under Section 366 and 368 of the Companies Act 2016 to restructure its debts and settle outstanding payments.

The group had been receiving winding-up petitions from its vendors-turned-creditors, claiming a combined sum of RM71.4 million prior to any additional interest, since December 2021.

Sapura Energy fell 0.5 sen or 13% to 3.5 sen on Thursday (March 17), giving it a market capitalisation of RM559.27 million.