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aws账号(www.2km.me)_Liquidity concerns cloud Sapura

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KUALA LUMPUR: Sapura Energy Bhd will divest of some of its assets as early as next month to help resolve some of its immediate liquidity needs.

This confirms a StarBiz report in September that the group was in talks with several oil and gas (O&G) service providers for the sale of its assets.

“We are divesting some assets. The divestment process is progressing well, we are very focused on bringing in the right amount of value for the assets that we put out there,” group chief executive officer Datuk Mohd Anuar Taib said at a briefing yesterday.

“We are quite confident that we would be able to make some announcement about the assets that would have gone through this process in the next month or so and this would actually help us bring some liquidity into the group,” Anuar added.

He said the assets that the group planned to divest would be the redundant ones as it is changing its business focus.

“We are going to look at focus areas that we would like to move on with. The assets that do not fit those (criteria) will be put to divestment. And these divestment (talks) have been progressing well. When the time comes, we will announce it,” Anuar said.

Sapura Energy said in a statement earlier this month that it is facing short-term cashflow and liquidity issues.

“We would like to reiterate that Sapura Energy is still a going concern. The group has taken and will continue to take decisive actions to resolve the current liquidity issue, including expediting claims and commercial settlements with clients; discussing with vendors, and negotiating with lenders for support through existing working capital facilities,” it said earlier.

Bernama recently quoted a global energy news portal as saying that cash-strapped Sapura Energy appeared to have been dealt with a blow by failing to qualify for Petroliam Nasional Bhd’s prized Kasawari phase two front-end engineering and design contract.

Looking forward, Anuar said the group continued to be in negotiations with its clients on key projects – especially those that have been impacted significantly by the Covid-19 pandemic.“We are divesting some assets. The divestment process is progressing well, we are very focused on bringing in the right amount of value for the assets that we put out there,” group chief executive officer Datuk Mohd Anuar Taib said at a briefing yesterday.

“We are drawing up a reset plan – where we will be restructuring our capital – the change of capital structure with a focus on how to deliver in the engineering and construction business.

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