KUALA LUMPUR: Sapura Energy Bhd's net loss narrowed to RM508.66 million in the year ended January 31, 2024 (FY23) from RM3.16 billion net loss last year, which it said reflected a 12 months of operational resilience amid challenges.
Group revenue fell to RM4.26 billion from RM4.55 billion in the previous year.
In the fourth quarter (Q4) ended Jan 31, 2024, Sapura Energy's net loss narrowed to RM728.44 million from RM3.26 billion in the same quarter in 2023.
Group revenue, meanwhile, dipped to RM1.06 billion from RM1.22 billion a year ago.
Sapura Energy remains cautiously optimistic about its business prospects in FY2025.
"The company is committed to its operational turnaround by focusing on efficiency improvements, enhancing client relationships, and fostering greater collaboration with clients, partners and vendors.
"Despite the challenges posed by the ongoing restructuring process, we are determined to progress our Reset milestones and further solidify Sapura Energy's market position," said chairman Datuk Mohamad Azlan Abdullah.
According to Sapura Energy, its orderbook stood at RM5 billion, while the orderbook held by its joint venture and associate entities was RM3 billion.
Its engineering and construction (E&C) and operations and maintenance (O&M) segments are actively pursuing several prospects, focusing on fabrication, transportation and installation, and subsea inspection, repair and maintenance.
"The company will also explore opportunities in Energy Transition projects, including offshore decommissioning," it said.
Its subsidiary Peritus International was recently awarded the front-end engineering and design of a 200 km trunkline in the Aramis project, a high-priority initiative for reducing carbon emission through an interconnected energy system infrastructure in the European Union.
Kitar Solutions, a strategic partnership with Norway's AF Offshore Decom, will be bidding for decommissioning projects in the region by offering its integrated engineering, preparations, removal, and disposal solutions.
"In FY24, we showed resilience and determination in overcoming challenges, to pave the way for growth.
"In FY25, we will need to sustain the momentum, by strengthening our core capabilities, developing Energy Transition solutions, and driving our Reset strategy for long-term value," Mohamad Azlan said.