The Sapura Diamante pipe-laying support vessel, deployed in the Gulf of Mexico, is one of six units co-owned with Seadrill KUALA LUMPUR: AmInvestment Bank Reseach has maintained its forecasts on Sapura Energy Bhd on expectations that the group's 50%-owned joint venture involving six flexible pipelay support vessels will mantain operations.The group's partner in the joint venture, Seadrill,has filed for voluntary Chapter 11 bankruptcy protection in the US for its Asian-based subsidiaries."Sapura has also affirmed that the Chapter 11 filing of Seadrill’s Asian operations does not involve Sapura-Seadrill’s FPSV operations which are mainly undertaken in Brazil, nor does this development trigger any cross-default for the JV financing structure," said AmInvestment.Meanwhile, Sapura's RM10bil syndicated debt has been delayed again from January towards the end of the month due to participating banks' approval process.AmInvestment said its channel checks affirm that the principals have agreed to the terms of the deal.Sapura Energy is also expected to experience a transformative turnaround with the group bidding for a massive RM38.8bil of new jobs besides even larger prospective projects worth RM68bil amid the brightening outlook in upstream capex cycle, said the research house."Against the backdrop of improving prospects of new jobs across the globe and underpinned by a soon-to-be revitalised RM10bil debt structure by the end of this month and more optimistic crude oil prices, the stock currently trades at an undeserved fire-sale 0.2x PBV," it added.AmInvestment maintained its "buy" recommendation on the stock with an unchanged fair value of 29 sen a share, pegged to a 40% discount to the group's FY21 estimated book value.
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