[%ZFxa%] 
Research by RHB
Not Rated 

“Ceasing Coverage” 

We are ceasing coverage on Sapura Energy due to a reallocation of internal resources. The group continue to be loss making and we expect it to remain in the red in the next three years. We remain cautious on its engineering & construction (E&C) segment’s profitability. SAPE’s holistic debt and equity restructuring – highly dilutive, in our view – is inevitable for it to get out of the woods.

Analyst(s):
Sean Lim, CFA
[%WiDb%]

$KLSE-SAPNRG 
Research by RHB
Not Rated 

“Ceasing Coverage” 

We are ceasing coverage on Sapura Energy due to a reallocation of internal resources. The group continue to be loss making and we expect it to remain in the red in the next three years. We remain cautious on its engineering & construction (E&C) segment’s profitability. SAPE’s holistic debt and equity restructuring – highly dilutive, in our view – is inevitable for it to get out of the woods.

Analyst(s):
Sean Lim, CFA
sean.lim@rhbgroup.com