KUALA LUMPUR: Icon Offshore Bhd
has secured its first charter contract of the year -- providing ExxonMobil Exploration and Production Malaysia Inc with two straight supply vessels for two years, with an extension option of one year.
The country’s biggest offshore support vessel provider told Bursa Malaysia that the contracts, secured by its wholly-owned subsidiary Icon Offshore Group Sdn Bhd, started this month and were valued at RM42mil (inclusive of extension period).
These vessels will support the offshore production platforms as well as other requirements.
In a press statement, Amir Hamzah Azizan, who became Icon managing director on March 1, said: “This new charter contracts for the year demonstrates the confidence by the world’s oil and gas majors in Icon’s strong fundamentals, core competencies and competitiveness, despite the recent slowdown in the oil and gas market.
“This achievement helps showcase the company’s reputation of consistently delivering top value in all contracts. These contracts also provide a significant boost to our growing portfolio, and are a promising indication despite a challenging global market.”
Icon said these first contracts for 2016 would supplement its order book which stood at RM686mil as of Dec 31, 2015, and would provide long-term cash flow stability and earnings visibility moving forward.
Icon’s previous contract win, announced on Nov 24 last year, was to provide a deep-water platform supply vessel to Borneo Seaoffshore Sdn Bhd and was valued at RM51mil.
Icon shares shed half a sen to close at 37.5 sen on Friday with 1.057 million shares traded.
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