White knight to rescue Sapura Energy from financial abyss

PETALING JAYA: Sapura Energy Bhd has found a white knight riding on the back of RM1.8 billion in capital injections to begin the arduous task of rebuilding its battered finances.

The oil and gas (O&G) services group said it had received a “formal letter from a white knight” last month indicating it would provide financial support to Sapura Energy, subject to certain conditions, according to a court document sighted by The Edge.

“On Feb 15, 2023, Sapura Energy received a formal letter from a white knight supporting Sapura Energy’s restructuring initiatives to preserve the Malaysian oil and gas (O&G) ecosystem.