Malaysia’s Sapura Energy is chasing work worth 51 billion ringgit (US$12.3 billion) in tenders already submitted or in progress, including six active bids in the renewable energy sector across Asia Pacific.

The company’s order book stood at 11.8 billion ringgit at the end of the first quarter of its 2022 financial year, which fell on 30 April.

“We have secured about 95% of our targeted revenue for financial year 2022, and we are confident that we will exceed the revenue posted in financial year 2021,” Sapura Energy Group chief executive Anuar Taib said on Tuesday.

Expected rebound in oil and gas demand

“We are well-positioned to capitalise on the recovering energy industry, given the expected rebound in oil and gas demand. At the same time, we will continue to deepen our presence in the renewables sector to ensure we remain sustainable in the future.”

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However, the company’s optimism is tempered by uneven recovery in the world economy, as many countries are still grappling with Covid-19.

Sapura said it would continue to focus on managing the pandemic’s impacts on its operations - its business continuity plans remain in force as the group prioritises the health and safety of its employees and contractors while delivering projects to clients.

As of 30 April, Sapura had accumulated pandemic related costs amounting to 328 million ringgit and is currently engaging with its clients to acknowledge and resolve these costs for recovery.

In tandem, Sapura is progressing its performance acceleration strategy - the first stage in its journey to embrace the energy transition.

Focusing on four key areas: Safety, operational excellence, financial headroom and its people and culture - the company’s mission-map begins with enhancing its role as an integrated solutions provider and asset operator and diversifying its asset base.

Cost optimisation

The acceleration programme has already identified 1.3 billion ringgit-worth of cost optimisation initiatives, of which approximately 800 million ringgit have been implemented with savings of 440 million ringgit being achieved to date.

Sapura added it is cautiously optimistic that it is well positioned to deliver resilient performance in the current financial year, while remaining on track to deliver on its longer-term strategic intents in embracing the energy transition.