KUALA LUMPUR (Jan 7): Vantris Energy Bhd (KL:VANTNRG), formerly Sapura Energy Bhd, has secured two work orders from PETRONAS Carigali Sdn Bhd worth a combined RM1.4 billion for offshore transportation and installation works.
In a filing with Bursa Malaysia on Wednesday, the group said the work orders were awarded to its wholly owned unit Sapura Offshore Sdn Bhd, under an existing contract.
The awards relate to the Sepat Integrated Redevelopment Project offshore Terengganu, and the Belud South Greenfield Development Project offshore Sabah.
Work on both projects is expected to commence in the first quarter of 2026, said Vantris Energy.
The Belud South project is scheduled for completion by the fourth quarter of 2027, while the Sepat project is expected to be completed by the third quarter of 2029.
Vantris Energy said the contracts will be executed by its engineering and construction (E&C) arm and will contribute positively to earnings from the financial year ending Jan 31, 2027 until the expiry of the work orders.
Group chief executive officer Muhammad Zamri Jusoh said the contracts demonstrate Vantris Energy’s offshore transportation and installation capabilities, and its continued focus to deliver sustainable performance across its core businesses.
“[These contracts prioritise] opportunities aligned with our capabilities, regional strengths and risk appetite,” he said in a statement.
For its third financial quarter ended Oct 31, 2025, Vantris Energy posted a net profit of RM4.27 billion, as opposed to a net loss of RM293.06 million a year earlier, as it recorded a one-off RM4.47 billion gain from debt forgiveness following its financial restructuring.
Nevertheless, the group still recorded an operating loss of RM97.07 million, compared with an operating profit of RM215.11 million previously, as operating expenses rose 14.9% to RM1.08 billion.
Quarterly revenue dropped 14.8% year-on-year to RM982.79 million from RM1.15 billion due to weaker contributions from its E&C division, which saw topline dropping 30.5% to RM486.86 million on lower completion of ongoing projects while others were completed.
The restructuring, under which the group issued new shares and securities to settle outstanding liabilities — reducing its total borrowings to RM5.7 billion from RM10.76 billion — was completed on Sept 26, 2025.
It resulted in the emergence of Malayan Banking Bhd (KL:MAYBANK), CIMB Group Holdings Bhd (KL:CIMB) and RHB Bank Bhd (KL:RHBBANK) as the group's first, second and third largest shareholders, with equity stakes of 20.27% , 12.13% and 7.21%, respectively.
Vantris Energy’s shares closed unchanged at 38.5 sen on Wednesday, giving the group a market capitalisation of RM880.63 million. The stock has declined 35.8% over the past year.