We refer to the announcement dated 17 March 2022 and 21 March 2022 regarding the Winding Up Petition Served by Danamin (M) Sdn Bhd.

The Board of Directors of Sapura Energy Berhad (“SEB” or “the Company”) wishes to announce that Mr Lim San Peen has been appointed as the Interim Liquidator for SPSSB and the details are as follows:

Particulars of Appointment of Interim Liquidator

On 1 September 2022, Mr. Lim San Peen (“Interim Liquidator”) was appointed as the Interim Liquidator of SPSSB under the Order dated 1 September 2022 (“Order”) of the High Court of Malaya at Shah Alam in Companies (Winding Up) No: BA-28NCC-139-02/2022 (the “Petition”). The Order affixed with the seal of the High Court’s registry was issued on 6 September 2022.

The Order provides that the Interim Liquidator shall have and may exercise all functions and powers under the Companies Act 2016 (the “Act”), including Parts I and II of the 12th Schedule of the Act and the Companies (Winding Up) Rules 1972.

The details of the events leading to the appointment of the Interim Liquidator.

Pending the hearing date of the Petition which is scheduled to be heard on 14 September 2022, the Company and its subsidiaries, who are also the substantial creditors of SPSSB had on 13 May 2022 applied for the appointment of the Interim Liquidator of SPSSB to support the efficient administration and management of SPSSB’s affairs and ongoing projects prior to the winding up of SPSSB. These subsidiaries are as follows:

a.         Sapura Digital Solutions Sdn. Bhd.

b.         Sapura Diving Services Sdn. Bhd.

c.         Sapura Maintenance Services Sdn. Bhd.

d.         Sapura Fabrication Sdn. Bhd.

e.         Sapura Pinewell Sdn. Bhd.

f.          Sapura Onshore Sdn. Bhd.

g.         Sapura Subsea Services Sdn. Bhd.

h.         Sapura Services Sdn. Bhd.

i.          Sapura Management Services Sdn. Bhd.

j.          Sapura Marine Sdn. Bhd.

k.         Sapura Drilling Services Sdn. Bhd.

l.          Sapura Power Services Sdn. Bhd.

m.        Sapura Offshore Sdn. Bhd.

n.         Sapura 3000 Pte Ltd

(the abovenamed subsidiaries and the Company are collectively  referred to as “Applicants”)

Additionally, on 13 May 2022, the Applicants have also applied for the same Interim Liquidator to be appointed as the liquidator of SPSSB upon the winding up of SPSSB (“Application for Appointment of Liquidator”). The Application for Appointment of Liquidator is scheduled to be heard on 14 September 2022.

The terms of reference of the special administrator or liquidator.

Under the Order, the Interim Liquidator is remunerated based on the following rates:

a.         Interim Liquidator – RM1,800/hr

b.         Interim Liquidator’s support team – RM500/hr to RM1,300/hr depending on seniority and experience.

The Interim Liquidator is also permitted to draw his monthly remuneration plus disbursements and associated government sales and service tax from assets of SPSSB calculated on the hourly rates and disbursements expended by him and his support team in that particular month.

The effect of the appointment on the business operations of the listed issuer.

SPSSB is not a major subsidiary of the Company as defined under Chapter 1 of the Main Market Listing Requirements.

There will be no immediate material financial and operational impact on the SEB Group arising from the appointment of the Interim Liquidator.

The Interim Liquidator is an officer of the Court and is under a duty to act and administer the affairs of SPSSB independently of the Board of Directors of the Company. The Board of Directors may nonetheless seek periodic updates from the Interim Liquidator in respect of the Petition.

This announcement is dated 9 September 2022.