KUALA LUMPUR (April 19): Sapura Energy Bhd said trading in its shares has been suspended at the company's request pending a material announcement.

The suspension took effect from 2.30pm on Friday, Sapura Energy said in an exchange filing, fueling speculation in the market on what the announcement could be.

However, the Practice Note 17 company has yet to make any announcement hours after market close on Friday.

Sapura Energy narrowed its net loss to RM728.44 million for the fourth quarter ended Jan 31, 2024, from RM3.26 billion a year earlier on lower provision of impairment. Quarterly revenue dropped 13.01% to RM1.06 billion from RM1.22 billion, due to lower revenue recognised from the engineering and construction, and drilling business segments.

For the full year, the company's net loss also narrowed to RM508.66 million from RM3.16 billion in the previous year, while revenue fell 6.45% to RM4.26 billion from RM4.55 billion.

"While we have made progress, we are not yet out of the woods. The (company's) reset plan is very complex, and there remains a lot of hard work ahead of us before we achieve long-term financial and operational stability,” Sapura Energy chairman Datuk Mohammad Azlan Abdullah said in the financial results bourse filing last month.  

The reset plan, aimed at achieving long-term sustainability, has seen significant progress in debt restructuring, according to the company.