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KUALA LUMPUR: Sapura Energy Bhd’s latest contract win worth RM580mil is positive news, especially given the group’s current financially distressed situation, says Kenanga Research.

However, the research firm believes it to be insufficient for a turnaround of the company.

“The group is still classified under Practice Note 17, with material uncertainty on its going concern status and debts remaining unsustainably high at about RM10.7bil, which are all classified as short-term borrowings in its balance sheet,” Kenanga Research said.

“As such, we feel some form of external intervention (such as restructuring of current loan structures, borrowings haircut from banks, or the emergence of an angel investor) may be necessary before the company could expect a sustainable turnaround,” it added.

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The integrated oil and gas services company has been awarded a two-year extension of a charter and service contract by Petrobras in Brazil, worth RM580mil.

It said the contract was awarded to Sapura Navegação Marítima SA, a wholly-owned subsidiary of Seabras Sapura Participações SA, which is a joint venture company between Sapura Offshore Sdn Bhd and Seabras Serviços De Petroleo SA.

Kenanga Research noted that Sapura Energy’s lack of access to credit facilities has made project execution for typical engineering and construction jobs highly uncertain.

This is the group’s second contract win announcement for this year, bringing year-to-date wins to around RM3.3bil, with it order book at about RM8bil, it said.

According to Kenanga Research, Sapura Energy is still expected to continue its loss-making trend throughout financial years 2023-24, barring any successful restructuring of its financials and operations.