Landmark week offers breathing space for Sapura Energy

OPINION: The past week could well have marked a turning point for financially beleaguered Sapura Energy.

The Malaysian company has been thrown possible lifelines in the form of time extensions to both submit its Practice Note 17 (PN17) regularisation plan to the relevant Malaysian regulatory authorities and for the convening and restraining orders against it and 22 subsidiaries.

These extensions afford contractor and oilfield operator Sapura, headed by chief executive Anuar Taib, months longer to complete its debt restructuring.