KUALA LUMPUR: Sapura Energy Bhd was the second most active counter in early morning trade following the termination of a contract by Shell Eastern Petroleum (Pte) Ltd awarded to its subsidiary, Sapura Offshore Sdn Bhd (SOSB).
As at 11.35am, the stock was trading unchanged with some 59.6 million shares changing hands.
Sapura Energy said following a October 5, 2023 meeting with SOSB and Shell, without admission of liability and reserving all of SOSB's rights, the contract is considered terminated by Shell.
In its filing with Bursa Malaysia yesterday, Sapura said SOSB has sought advice from its external counsel and will continue to do so on SOSB's legal position.
The engineering, procurement, construction, and installation (EPCI) contract was initially awarded on June 3, 2020, with an expected completion date in the third quarter of the 2023 financial year.
