Strong contract renewals to spur Icon Offshore

Maybank IB said Icon Offshore should be able to at least maintain an annual five sen dividend per share.

PETALING JAYA: Icon Offshore Bhd is likely to record strong earnings growth as it renews contracts with Petroliam Nasional Bhd (PETRONAS) for 11 of its offshore service vessels (OSVs) in the third quarter this year (3Q24).

According to Maybank Investment Bank (Maybank IB) Research, the majority of Icon’s fleet (18 OSVs in total) did not benefit from the vast daily charter rate (DCR) hike throughout the last few years as the group has locked in long term contracts.