Date: 13.06.2023.

Kuala Lumpur, 13 June 2023

Sapura Energy Berhad ("Sapura Energy” or "the Company") wishes to announce that it has been granted a time extension of up to 30 November 2023, to submit its Practice Note 17 (“PN17”) regularisation plan to the relevant regulatory authorities.

In a filing with Bursa Malaysia today, its principal adviser MIDF Amanah Investment Bank Berhad announced on behalf of the Company that Bursa Malaysia Securities had given the extension to Sapura Energy vide its letter dated 12 June 2023.

The extension of time is needed given the complexity of the Company’s overall Reset plan. Sapura Energy’s debt restructuring efforts, which underpins its regularisation strategy, are progressing positively.

Earlier this month, the High Court of Malaya granted Sapura Energy and 22 of its wholly owned subsidiaries an extension period of nine months for its Convening and Restraining Orders, to 10 March 2024. The extension will allow Sapura Energy to finalise proposed schemes with its financiers and other creditors, as part of the Company’s debt restructuring plan. The court-convened meetings with the creditors are envisaged to be held by the end of October 2023.

Cautionary note: “Sapura Energy”, “the group” and “the company” are used for convenience where references are made to Sapura Energy Berhad in general. Similarly, words like “we”, “us” and “our” are used to refer to Sapura Energy Berhad in general or to those who work for the company and its subsidiaries, where relevant. This press release may contain forward-looking statements. All statements other than statements of historical facts included in this press release, including, without limitation, those regarding our financial position, financial estimates, business strategies, prospects, plans and objectives for future operations, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. Such forward-looking statements reflect our current view with respect to future events and are not a guarantee of future performance. Forward-looking statements can be identified by the use of forward-looking terminology such as the words “may”, “will”, “would”, “could”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “aim”, “plan”, “forecast” or similar expressions and include all statements that are not historical facts.