KUALA LUMPUR: Sapura Energy Bhd made a RM1.52bil loss in the second quarter (Q2) as the Covid-19 pandemic pushed up the cost on certain projects, forcing the oil and gas company to make hefty provisions for foreseeable losses. “This is the result of a lower percentage of completion recognised for projects in the current quarter under review, following recognition of foreseeable losses and higher costs for certain projects,” Sapura Energy said in a statement yesterday. Sapura Energy logoGroup chief executive officer Datuk Mohd Anuar Taib said it is currently negotiating amicable solutions with clients. Sapura Energy expects the current hurdles and uncertainties to continue in the second half of the year. To lead this effort, Sapura Energy has set up a board restructuring taskforce to provide oversight and support to the management team.

Source: The Star October 01, 2021 00:00 UTC