Can Icon Offshore weather the storm?

Icon Offshore Bhd is at a low ebb. With more than RM1.6bil shaved off its market value since its floatation last June, coupled with the problems its two top leaders are facing, is there any light at the end of the tunnel for this OSV player?

Icon’s chief executive officer and chief operating officer are being investigated by the Malaysian Anti-Corruption Commission (MACC) and are under a leave of absence from the company for six months. Icon’s latest quarterly earnings showed a drastic 86% drop in its earnings while it FY2014 results showed a profit that had halved from the previous year.