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'20Annual Report 20 NAVIGATING FORWARD Annual‘20 Report 20 INSIDE THIS REPORT >>> A reflection of our perseverance and determination in charting our future. Our relentless pursuit for growth reflects our tenacious spirit amidst the changing operating landscape. Scan this QR code to view the 2020 SAPURA ENERGY Annual Report RATIONALE Navigating forward amidst uncertainties. Sapura Energy’s fundamental resilience and agile strategy will help us steer through a highly cyclical oil and gas industry. We remain positive and firm in our efforts to turnaround the company, through a comprehensive plan that ensures lean and efficient operations, supported by a high performing workforce. These initiatives place us one step ahead in managing the uncertainties of the current climate. SAPURA 3500 Sapura 3500 is our self-propelled Heavy Lift Pipe Laying vessel, capable of pipe laying in deep and shallow waters. Fact 1 Sapura 3500 is 250 156.5m in length, 200 over 18.5m more than the height of The Great Pyramid of Giza. 150 The Great Pyramid of Giza 100 138m 50 Sapura 3500 156.5m 0 250 200 150 100 50 Metres Fact 2 Primary crane onboard Sapura 3500 has a lifting capacity of up to 3,500 metric tonnes equivalent to lifting approximately 6 boeing 747-8 airplanes CHAIRMAN’S LETTER TO SHAREHOLDERS DEAR SHAREHOLDERS, Thank you for your confidence and continuous interest in Sapura Energy Berhad (“Sapura Energy”). On behalf of the Board of Directors, it is my pleasure to invite you to join our Ninth Annual General Meeting which will be held on Thursday, 30 July 2020 at 10.00 a.m. to be conducted on fully virtual basis. Enclosed herewith is a copy of the Annual Report 2020 and Audited Financial Statements of Sapura Energy for the financial year ended 31 January 2020 which also contains the Notice and Administrative Notes pertaining to the upcoming Ninth Annual General Meeting for your reference. The Annual Report 2020 and Audited Financial Statements provide I also believe that you should be able to comprehend the rest of a comprehensive statement of our strategic direction, latest the agenda/proposed resolutions which include, amongst others, undertakings, achievements and awards, corporate responsibilities the presentations of the Audited Financial Statements, the proposed and initiatives, as well as Sapura Energy’s (“the Company”) payment of Directors’ remuneration to the Non-Executive Directors financial disclosure for the shareholders’ attention and review. of Sapura Energy, re-appointment of the auditors and authority for These documents can also be accessed at our corporate website Directors to allot and issue shares under Sections 75 and 76 of the at www.sapuraenergy.com. Companies Act 2016, whereby brief explanations are also provided under the Explanatory Notes for your understanding. At the Ninth Annual General Meeting, 8 Ordinary Resolutions are proposed for consideration by the shareholders. The purpose and Your Directors are of the view that all the proposed resolutions as reasons for each resolution are explained under the Explanatory set out in the Notice of the Postponed Annual General Meeting are Notes of the Notice of the Postponed Annual General Meeting in the best interest of the Company and its shareholders, and further (“Explanatory Notes”). I hope that you will find the brief explanation recommend for you to vote in favour of all resolutions. helpful in making an informed decision. Due to the Coronavirus disease 2019 (“COVID-19”) outbreak and At the Ninth Annual General Meeting, the Board is recommending concern for the well-being and safety of our shareholders, you are for the re-election of the retiring Directors who being eligible offer required to attend the Ninth Annual General Meeting remotely using themselves for re-election in accordance with the following Articles the Remote Participation and Voting platform as described in the of the Company’s Constitution: Administrative Notes, which has been distributed to all shareholders together with the Notice of the Postponed Annual General Meeting a) Article 80 expressly states that in every subsequent Annual of the Company. General Meeting (“AGM”), at least one-third (1/3) of the Directors for the time being shall retire from office and the I look forward to the Ninth Annual General Meeting to share with retiring Directors shall be eligible to seek for re-election. The you the latest updates and activities concerning the Company. Directors standing for re-election under Article 80 at the Ninth Annual General Meeting, are as follows: 1. Dato’ Shahriman Shamsuddin; and Yours sincerely, 2. Datuk Ramlan Abdul Rashid. b) Article 85 expressly stipulates that any newly appointed Director Tan Sri Datuk Amar (Dr.) Hamid Bugo shall hold office until the next following AGM of the Company Chairman at which the Director is due for retirement under this Article, when he/she shall retire but shall then be eligible for re- election. The Directors standing for re-election under Article 85 at the Ninth Annual General Meeting, are as follows: 1. Dato’ Mohammad Azlan Abdullah; 2. Syed Ali Syed Salem Alsagoff; and 3. Lim Tiang Siew. Terima Kasih, Dato’ Hamzah! The People of Sapura Energy would like to express our heartfelt gratitude to our former Chairman, Yang Berbahagia Dato’ Hamzah Bakar for his valuable insights and guidance throughout his tenure. Dato’ Hamzah joined the Board of SapuraCrest Petroleum on 4 July 2003, and was later appointed Chairman of Sapura Energy Berhad on b 'HFHPEHU +LV YDVW H[SHULHQFH DV VHQLRU OHDGHUVKLS LQ 3(7521$6 was instrumental in steering the growth of Sapura Energy into the major oil and gas company it is today. Dato’ Hamzah’s wisdom and faith in the company helped us to remain resilient and confident. The strong foundation he helped lay shall serve us in good stead as we progress in the next phase of our growth. We have missed Dato’ Hamzah’s calm demeanor and fatherly presence at our employee gatherings and shareholder meetings; and we wish him the very best in his retirement. 2QFH DJDLQ IURP WKH ERWWRP RI RXU KHDUWV Ô WKDQN \RX 'DWR× +DP]DK From The People of Sapura Energy Berhad >>> • About Our Report SECTION THREE: SECTION FIVE: • Chairman’s Letter to Shareholders MANAGEMENT DISCUSSION AND CORPORATE GOVERNANCE ANALYSIS • Tribute to Dato’ Hamzah ¤ Chairman’s Statement on Strategic Review Corporate Governance Our Operating Environment and Corporate Governance Overview SECTION ONE: Outlook Statement OVERVIEW OF SAPURA ENERGY Key Risks and Mitigation Statement on Risk Management Our Vision ¤ Our Strategic Priorities and Internal Control Who We Are Strategic Performance Review ¤ Report of Board Audit Committee Our Core Values Additional Compliance Information Performance Review Awards Statement of Directors’ ¤ Engineering and Construction Our Value Chain Responsibility ¤ Drilling Our Competitive Advantage ¤¤ Exploration and Production Facts at a Glance SECTION SIX: Our Global Footprint Financial Review OUR ECONOMIC, ENVIRONMENT ¤ Health, Safety and Environment ¤ -Year Group Financial Highlights AND SOCIAL JOURNEY (“EES”) ¤ -Year Group Financial Summary Sustainability Reporting ¤ Financial Calendar SECTION TWO: Leadership Commitment KEY MESSAGES Sustainability at Sapura Energy Sapura Energy Sustainability Goals Chairman’s Statement SECTION FOUR: and Materiality Topics ¤ President and Group Chief OUR LEADERSHIP ¤ Calendar of Events Executive Officer’s Review Corporate Information ¤ Group Organisational Structure Profile of Board of Directors SECTION SEVEN: Executive Committee FINANCIAL STATEMENTS Executive Committee Profile ¤¤ Financial Statements SECTION EIGHT: ADDITIONAL INFORMATION Analysis of Shareholdings Notice of Annual General Meeting Notice of The Postponed Annual General Meeting Statement Accompanying Notice of The Postponed Annual General Meeting Administrative Notes – The Postponed Ninth Annual General Meeting (Fully Virtual) • Proxy Form NINTH ANNUAL July Broadcast Venue at GENERAL MEETING Thursday Multi-Purpose Hall, Ground Floor, OF SAPURA ENERGY Sapura@Mines, No. , Jalan Tasik, BERHAD . a.m. The Mines Resort City, ¤ Seri Kembangan, Selangor Darul Ehsan, Malaysia SECTION ONE: OVERVIEW OF SAPURA ENERGY 8 Our Vision 8 Who We Are 8 Our Core Values 9 Awards 9 Our Value Chain 9 Our Competitive Advantage 10 Facts at a Glance 12 Our Global Footprint 14 Health, Safety and Environment pg 8 OUR VISION To be the best entrepreneurially led, technically competent and most trusted global oil and gas company in the eyes of our customers, shareholders and most importantly, our empowered people. WHO WE ARE OUR CORE VALUES Sapura Energy Berhad is a global integrated oil and gas services We will be guided by our honesty, trust and respect to achieve our and solutions provider operating across the entire upstream value business objectives. We will continue to be safe, agile and professional chain. As a fully-fledged upstream player, the Group’s spectrum of in meeting our stakeholders’ expectations. capabilities cover exploration, development, production, rejuvenation, as well as decommissioning and abandonment stages of the value chain. Safe With a highly skilled and technically-capable multinational workforce, strategic world-class assets, and strong project management capabilities, the Group today has a global presence in over 20 countries. Trust *OREDO IRRWSULQW Agile across 5 continents, over Honesty 20 countries 10 key global operating centres Professional 11,200 Respect multinational workforce 20 Sapura Energy Berhad 2345678 ! 2YHUYLHZ RI 6DSXUD
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