PETALING JAYA: Sapura Energy Bhd

, which reported a net loss in its first quarter ended April 30, 2025 (1Q26), expects its financials to improve in subsequent quarters.

In a filing with Bursa Malaysia, the oil and gas company said this projection is in line with the progressive recognition of revenue from ongoing projects in the engineering and construction division and with certain drilling rigs being on-hire on their new contracts.

In 1Q26, Sapura Energy reported a net loss of RM477.96mil, compared with a net profit of RM82.13mil in the previous corresponding period, while revenue dropped to RM801.37mil from RM1.18bil a year earlier.

Separately, Sapura Energy said Bursa Malaysia had approved its proposed regularisation plan to exit its Practice Note 17 status, following four deadline extensions.

The group’s order book currently stands at RM7.9bil.