KUALA LUMPUR (Dec 17): Sapura Energy Bhd (KL:SAPNRG) has secured its fourth deadline extension from Bursa Securities to submit its regularisation plan to exit its Practice Note 17 (PN17) status.

The deadline extension is for another six months until May 31, 2025, it said.

The oil and gas services outfit fell into PN17 status over two years ago on May 31, 2022, with the first deadline for its PN17 regularisation plan submission on May 31, 2023.

The group's outgoing CEO Datuk Anuar Taib has earlier expressed his aspiration for Sapura Energy to exit PN17 status in 2026 at the earliest.

Investors are nonetheless awaiting the regularisation plan of Sapura Energy, which has been working towards cutting costs and borrowings, including through the disposal of key assets such as its 50% stake in upstream business Sapura OMV Upstream Sdn Bhd for RM3.35 billion.

The troubled outfit, whose operations span across offshore fabrication, installations and drilling, last month was revealed as one of the winners for Petronas' five-year Pan Malaysia offshore maintenance, construction, hook-up and commissioning contract.

At end-October, Sapura Energy had borrowings of RM10.73 billion against cash of RM1.79 billion. Trade payables amounted to RM5.18 billion against receivables of RM1.39 billion. Accumulated loss stood at RM17.53 billion, against share capital of RM11.85 billion.

At the time of writing, the counter is up half a sen to 3.5 sen, valuing the group at RM562.76 million.