Icon Offshore secures RM55mil contracts

  • Business
  • Wednesday, 15 Jul 2015

KUALA LUMPUR: Icon Offshore Bhd, which had more than RM1.6bil shaved off its market value since its flotation last June, has bagged two contracts worth about RM55mil from an oil major to handle services for two anchor-handling tug/supply vessels.

The offshore support vessel provider said the long-term contracts, effective July 5 with the option for a one-year extension, involved transportation of supplies from supply bases to drilling rigs/platforms and vice-versa, among other services.

“These new long-term contracts are positive for the company, despite the challenges faced.

“Our operations remain strong and we hope to secure more contracts in the future through value-added services to our clients as the industry conditions improve,” deputy chief executive officer Captain Hassan Ali said in a statement yesterday.

This is in addition to the RM99mil long-term contract secured in Brunei earlier this year via a joint-venture deal with Zell Transportation Sdn Bhd by its unit, Icon Bahtera (B) Sdn Bhd for the time charter of its new DP2 accommodation work boat, the Icon Valiant.

With the new contracts, the company’s order book as at March 31 stood at RM785.6mil, of which RM528.6mil were firm, while the remaining RM246.7mil have extension options.

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