Icon Offshore bidding for long term jobs in Brunei

According to sources, the proponents of the deal are unsure if shareholders

KUALA LUMPUR: Icon Offshore Bhd is aggressively bidding for long-term contracts in Brunei as part of its regionalisation strategy this year.

Its managing director Amir Hamzah Azizan said on Tuesday that they were hoping to secure other long term contracts in the country after the group's  recent RM51mil contract from Borneo Seaoffshore Sdn Bhd.

"We are making a big push in Brunei. This is our primary regional market," he said during a press conference after the group's AGM here.

He said the offshore support vessel (OSV) service provider was also looking at other opportunities for long-term business in the region.

For the fourth quarter ended Dec 31, Icon Offshore’s vessels utilisation rate dropped to 56.5% from 76.1% in the same quarter in 2014.

The company posted a net loss of RM376.89mil during the quarter from RM12.3mil net profit previously, due to a kitchen sinking exercise that included impairment of assets about RM195mil and impairment of goodwill of RM181mil.
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