Sapura Energy Bhd has bagged five new contracts valued at RM1.3 billion for its engineering and construction as well as drilling segments. Among the new wins is the submarine rescue service contract for the Royal Australian Navy, which is a first undertaking for the group. Sapura Energy also marked a new entry into Egypt for works in the Gulf of Suez, along with other wins across Malaysia and Indonesia.

Sapura Energy Bhd ended Jan 31, 2019 (FY19) in the black with a net profit of RM207.5 mil versus a net loss of RM2.5 bil in the previous year. However, the return to profitability was driven by one-off gains which means the oil and gas player actually saw a core loss of about RM945 mil, according to analysts. Nonetheless, the company believes the tide is changing for them, buoyed by a recovering industry and strong orderbook, which should lead to better utilisation of its assets.