Theres this common trend amongs O&G contractor or vendors that i observed over the years.
They tend to spend lavishly on setting up offices, yards, buying equipments etc. but on paper, they have little to no on-going jobs in hand.
In some cases they hired ex- oil companies retired workers who never did hard work a day in their corporate life.
Combine all of that you will have an explosive recipe.

Sorry disagree. Nowadays who O&G put lowest price will win big contract without really putting much about company track record etc. See why Epic and T7 won big MCM contract, its due to lowest price. Hearsay said even T7 trying to "sell" the contract they won last time to other subcon/company/ huc company cz they won too many and hard to fill up engineers etc

ni puak puak jalankan perniagaan mesti lingkup punya. memang style mereka

Hahaha.  Sure is nice to go down memory lane and read those who opposed the funding then.  I like to hear what they will say now…

Also I wonder if the so-called forensic audit has been done and approved before this funding.  Easy said to throw all bombastic words around like a smartass but actual knowledge is like zero… tin kosong syndrome!

Sapura is under Private Sector, right

Just arrange Petronas to takeover a nearly bankruptcy company.

Apa susah je?

Bodo punya government.

Total sub is nothing new in construction industry  sub until 5-7 layers then final sub tanggung semua.

so evil la u

as long as the govt bail them out, there is no reason to succeed

to fail is relatively simple, just spend money and channel it to 'the right place', then mof will kasi more

to be successful requires thinking and hard work. buat apa nak susah susah dik

mind u, some company is cash rich into the billions at one point. but one single person can fk it up in less than 1 year. it takes talent to touch a cash cow into a pile of sheet

Hmmmm, looking at our country debt since PH took over…. 😂😂😂😂😂

Sapura is under Private Sector, right

Just arrange Petronas to takeover a nearly bankruptcy company.

Apa susah je?

Bodo punya government.

for political fund

https://theedgemalaysia.com/article/rafizi-...uld-not-be-used
Licking own phlegm!  😂😂😂😂😂

https://www.themalaysianinsight.com/s/381118

So the ‘forensic audit’ completed and outcome is known/published yet before this cash injection?  😎😎😎😎😎

MOF injects RM1.1 bil to settle Sapura Energy's debts

KUALA LUMPUR (March 11): Debt-laden Sapura Energy Bhd (KL:SAPNRG) has received a lifeline in the form of a RM1.1 billion investment from the Minister of Finance (Inc) through its special purpose vehicle Malaysia Development Holding Sdn Bhd (MDH).

In a filing with Bursa Malaysia on Tuesday, Sapura Energy said MDH will be subscribing to its redeemable convertible loan stocks worth RM1.1 billion, subject to certain conditions.

The monies have been earmarked exclusively for settling what Sapura Energy owes its vendors

part” of its restructuring that would see a capital injection of up to RM1.8 billion into the Sapura group through a subscription of redeemable convertible loan stock.

Last month, Sapura Energy, a Practice Note 17 (PN17) company, secured its creditors' approval for its proposed debt restructuring scheme involving Sapura Energy and its 22 subsidiaries to address RM10.8 billion owed to nine lenders of its multi-currency financing facilities and RM1.5 billion in outstanding trade creditor payments.

Following that, Sapura Energy also obtained the court's approval last Thursday for the debt restructuring plan.

The funding and court-approved debt restructuring plan form part of Sapura Energy’s regularisation plan, as the company works to exit its PN17 status and reposition itself for long-term growth.

“We are diligently working on a robust regularisation plan, which will bring us one step closer to exiting our status as a PN17 company,” Zamri said.

“We see Sapura Energy’s turnaround as part of the revitalisation of the Malaysian OGSE (oil and gas services and equipment) sector, ensuring it is better positioned to support the nation’s energy security and sustainability goals, ultimately contributing to Malaysia’s economic development,” he added.

Shares of Sapura Energy closed unchanged at 3.5 sen on Tuesday, with a market capitalisation of RM643.2 million.

For the first nine months of FY2025, Sapura Energy posted a net loss of RM342.96 million, compared to a net profit of RM213.18 million a year before, while revenue increased 10.6% to RM3.54 billion from RM3.2 billion.

As at end-October 2024, the group’s borrowings stood at RM10.73 billion. Trade and other payables totalled RM5.18 billion, while cash, deposits and bank balances stood at RM1.79 billion. Its accumulated losses increased slightly to RM17.53 billion from RM17.24 billion.

The group’s order book currently stands at RM6 billion, while its joint ventures hold an additional RM5.8 billion.

source