Sapura Energy to see better rig utilisation rate

The oil and gas services provider is also making progress on its reset plan.

UOBKH Research said the delayed Practice Note 17 regularisation plan and ongoing project slippage risks will weigh on share price sentiment.’s recent contract wins of RM1.4bil will help bring stronger profits in the second half of its financial year 2024 on the back of more lucrative engineering and construction works and new rig contracts.

“About 90% of its bid book is directed towards overseas projects. The higher mix of T&I E&C projects is aligned with the group’s target to be more focused on Atlantic markets and decommissioning opportunities,” the research firm said in a report.However, UOBKH Research said its delayed Practice Note 17 regularisation plan and ongoing project slippage risks will weigh on existing share price sentiment.

The group will also strive to rescope certain ongoing E&C contracts, although this may appear to be challenging for several projects, said UOBKH Research. UOBKH Research said the results were in line with consensus forecasts and expects profit generation to be stronger in 2H24, largely from higher rig utilisation.

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