Kuala Lumpur 30 March 2026
VANTRIS ENERGY REPORTS FY2026 FULL YEAR RESULTS: FINANCIAL RESTRUCTURING PROVIDES A FIRMER FOOTING AS GROUP FOCUSES ON OPERATIONAL RECOVERY
● Full year Revenue: RM3.7 billion
● Full year LBITDA: (RM241 million); Q4 FY2026 EBITDA: RM136 million
● Full year PATAMI: RM3.7 billion; Q4 FY2026 PATAMI: RM167 million
● Group order book as of 31 Jan 2026: RM6.7 billion
● Malaysian ecosystem vendors under the Scheme of Arrangement have been fully repaid
Vantris Energy Berhad (“Vantris Energy” or “the Company”, formerly known as Sapura Energy Berhad) and its subsidiaries (“the Group”) today announced its unaudited financial results for the fourth quarter and full year ended 31 January 2026 (“Q4 FY2026” and “FY2026”). The year was marked by the successful completion of the Group’s Regularisation Plan and achievement of its Restructuring Effective Date (“RED”) in September 2025, which formally concluded the Group’s financial restructuring and provided a cleaner financial foundation from which to pursue operational recovery.
The Group recorded a Profit After Tax and Minority Interest (“PATAMI”) of RM3.7 billion for FY2026, primarily driven by the one-off recognition of over RM4 billion in forgiveness of debt arising from the restructuring exercise. Operationally, the Group’s full-year earnings were impacted by a single challenging project in Angola earlier in the year, while the broader portfolio remained stable. In Q4 FY2026, the Group saw meaningful operational recovery, with Group Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) rebounding to RM136 million from a loss of RM150 million in Q3 FY2026.
Commenting on the results, Vantris Energy Group Chief Executive Officer Muhammad Zamri Jusoh said, “FY2026 marked an inflection point for the Group. The successful completion of our financial restructuring has strengthened our balance sheet and significantly reduced our debt, positioning us on a firmer footing as we enter FY2027. Our focus now turns squarely to disciplined execution, as we address the substantial operational priorities ahead.”
Operational Performance
On an operational basis, the Group recorded a Loss Before Interest, Tax, Depreciation and Amortisation (“LBITDA”) of RM241 million for the full year of FY2026. This reflected the weight of significant losses in Engineering & Construction (“E&C”) during the earlier quarters of the financial year, despite Group EBITDA returning to positive territory in Q4 FY2026.
The E&C segment posted a LBITDA of RM41 million in Q4 FY2026, narrowing sharply from the losses posted in the previous quarter. The segment is expected to recover progressively as it transitions toward lower-risk contracts in the Asia Pacific, supported by an order book of RM2.8 billion and a healthy pipeline of projects open to tender. The Group remains focused on pursuing opportunities with a more balanced risk profile, strengthening project execution discipline, and improving operational efficiencies to support sustainable growth.
The O&M segment maintained steady performance, as it recorded an EBITDA of RM55 million in Q4 FY2026, supported by higher activity levels across key contracts. The Group has identified several strategic opportunities within the region that are expected to enhance the segment's contribution moving forward. Underpinned by a stable orderbook and sustained contract margin, the O&M segment is well-positioned to contribute positively to the Group’s future performance.
The Drilling segment is expected to continue delivering strong and stable performance, supported by higher charter rates and steady demand for its rig fleet. As the Group’s most consistent performer in FY2026, Drilling recorded an EBITDA of RM132 million in Q4 FY2026. The outlook for the segment remains positive, underpinned by sustained global demand for oil and gas, which continues to drive activity levels in key operating regions. The Group is positioned to benefit from this supportive market environment through improved fleet utilisation and disciplined contract management. With stable operational performance and a healthy pipeline of opportunities, the Drilling segment is anticipated to contribute positively to the Group’s future results.
The Group’s joint ventures delivered a full-year profit share of RM481 million, primarily driven by contributions from its Brazilian joint venture, Seagems Solutions Ltda (“Seagems”) and the Malaysian-based Sapura Baker Hughes TPS Sdn Bhd (“SBH”). Seagems continues to be a major earner, with vessel utilisation remaining high across the fleet and contracts renewed at significantly higher charter rates. Vantris Energy renewed its SBH joint venture agreement with Baker Hughes in June 2025, strengthening their decade-long partnership to provide maintenance services for rotating equipment in Malaysia's oil and gas sector.
Restructuring Outcomes and Balance Sheet
The completion of the Group’s Regularisation Plan has resulted in a materially improved balance sheet. Shareholders’ equity has turned positive from a significant deficit, following the capital restructuring exercise. Total borrowings declined by approximately RM5.2 billion compared to the prior year, whilst trade and other payables were reduced by approximately RM4.2 billion, primarily through debt restructuring, waiver of accrued interest, and settlements with ecosystem and foreign essential creditors. All overdue payables to Malaysian ecosystem vendors under the Group’s Scheme of Arrangement were settled within the prescribed timeline, as promised.
“We are grateful to all stakeholders — our shareholders, lenders, vendors, employees, and regulators — whose support and patience made this financial restructuring possible”, Zamri added. We now have a foundation to focus fully on operational performance and delivering value.”
Order Book and New Wins
The Group's consolidated order book stood at RM6.7 billion as at 31 January 2026, compared to RM8.5 billion at the close of FY2025. The decline reflects the Group's deliberate transition away from large, high-risk projects toward balanced-risk contracts, and is expected to recover in FY2027. The Group's share of the non-consolidated order book from its joint ventures and associates stood at RM3.4 billion.
Accelerating replenishment of the order pipeline with lower-risk contracts remains an acknowledged priority for FY2027, and the Group is actively pursuing opportunities across all three segments, with a particular focus on contracts that offer more balanced risk and margin profiles. The Group is committed to rebuilding its order book through disciplined contract selection and has demonstrated its ability to secure new work even with limited access to conventional working capital facilities and bank guarantees.
Outlook
Looking ahead, the Company aims to exit its Practice Note 17 status by delivering two consecutive quarters of profitability, sustaining operational momentum, and reinforcing stakeholder confidence.
Vantris Energy remains committed to executing its turnaround, strengthening operational resilience, and creating long-term value for all stakeholders.
At the same time, the Group is closely monitoring geopolitical developments, particularly the ongoing conflict in West Asia. While the Group's direct exposure to the affected region remains limited, management continues to assess the potential impact on its operations and supply chain, as well as the broader market conditions.
For further editorial information, contact:
Vantris Energy Strategic Communications at corpcomms@vantrisenergy.com
Cautionary note: “Vantris Energy”, “the group” and “the company” are used for convenience where references are made to Vantris Energy Berhad in general. Similarly, words like “we”, “us” and “our” are used to refer to Vantris 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.