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,Shahril was replaced by Datuk Anuar Taib, (pic) who has more than 30 years experience in the O&G industry having led Petronas’ upstream business and Shell Malaysia’s operations.

MORE challenges seem to be mounting at Sapura Energy Bhd. This week, the oil and gas (O&G) outfit saw the departure of its chief financial officer Reza Abdul Rahim. It also sought to delay the submission of its quarterly results.

However, its request for a one-month extension to announce its latest quarterly result was rejected by Bursa Malaysia.

Sapura Energy is also laden with RM10bil in debt, which is 10 times bigger than its market capitalisation of RM1.82bil.

Market sources also say that Sapura Energy is also looking to consolidate its businesses and is in the process of selling some of its assets.

“Sapura Energy is in talks with several local O&G service providers for the sale of its assets, which may be non-core to its main business,” a source says.

Among the potential buyers are said to be TH Heavy Engineering Bhd and Icon Offshore Bhd.Earlier this year, Sapura Energy saw the departure of its long standing CEO Tan Sri Shahril Shamsudin, who retired after leading Sapura Energy since July 2003.

It is yet unknown which of its assets are earmarked for sale and the pricing it hopes to get from the exercise.

Sapura Energy has yet to respond to StarBizWeek’s queries at press time.

It is worth noting that in March, the group managed to restructure its RM10bil debt that gave the company breathing space to embark on a turnaround plan.

The refinancing also resulted in RM3.1bil of its short term debt being reclassified as long-term borrowings.

“Sapura Energy needs to focus on its core business, which is in the fabrication and engineering, procurement, construction and commissioning, for it to remain competitive, to be cost efficient and to manage its cash flow,” says a market observer.

By looking at Sapura Energy’s financials, asset monetisation would probably help the company free up some capital to finance its massive orderbook of RM13bil, and reduce its debt obligations.

In February, Sapura Energy had obtained a loan facility of up to RM700mil from Maybank. Early in November 2019, the company secured a US$135mil (RM540mil) facility from CIMB.

As of April 30, 2021 the group only had RM570.85mil in cash in its coffers, with RM10.5bil worth of debt and total assets of RM23.13bil.