Icon Offshore suffers fourth straight quarterly loss, CFO resigns

KUALA LUMPUR: Icon Offshore Bhd suffers its fourth straight quarterly loss amid slumping demand for its offshore support vessel (OSV) services.

Utilisation rate for its vessels fell to 54.9% in the three-month ended Sept 30 compared with 64.7% in the April-June quarter, the company said in a filing with Bursa Malaysia on Monday.

“The group continues to focus on securing new contracts and maximising utilisation rates through competitive tendering for domestic and regional contracts, as well as leveraging on its continued presence in Brunei,” it said.

“The upstream exploration and production activities in Malaysia are expected to gradually increase but continue to be volatile and underpin the demand for OSV,” it added.

For the third quarter, Icon Offshore registered a net loss of RM11.6mil on revenue of RM51.7mil.

Separately, the company told the stock exchange that its chief financial officer (CFO) Idham Adnan Jamil has resigned to pursue other opportunities.

Icon Offshore has also appointed former QSR Brands Holdings (M) Sdn Bhd’s CFO Abdul Majeed K Kunheen as director in charge of finance and corporate strategy.

Abdull Majeed’s appointment is effective Dec 3, 2018.

Corporate News , Oil & Gas , Icon Offshore