KUALA LUMPUR: The engineering and construction (E&C) segment makes up 95 per cent of Sapura Energy Bhd ’s RM22 billion total bid book while drilling contributes three per cent and operations and maintenance two per cent.

       Group chief executive officer Datuk Anuar Taib said the company would be more selective in its bidding, focusing on margins that commensurate with its’ appetite and place greater emphasis on turning in a profit.

       "It is more important to look at risks that you need to mitigate once you turn it into order book.

       "Our focus is to turnaround and regain strength. We are now working to position Sapura Energy for the expected rebound in the oil and gas services and equipment sector next year,” he said at the company’s third quarter ended Oct 31, 2021 financial year 2022 (Q3FY22) virtual press conference today.

       He said of the total bid book, the largest contributing region were the Americas, Africas and Europe at 47 per cent followed by Asia Pacific region (28 per cent), Malaysia (13 per cent) and Middle East (12 per cent).

       On the divestment of Sapura Energy assets, Anuar said the process is progressing well.

       However, he refused to disclose the details further.

       "We are very focused on bringing in the right amount of value for the asset that we put out there which will actually help us bring some liquidity in.

       "So, we are quite confident that we would be able to make some announcement about this process in the next month or so,” he said.

       Sapura Energy slipped into the red with a net loss of RM669.34 million in the Q3FY22 compared with a net profit of RM17.21 million in the same period a year ago while revenue increased to RM1.45 billion from RM1.33 billion previously.

       The oil and gas service provider said the better revenue was mainly attributable to higher revenue recognised from the drilling business segment. - Bernama