KUALA LUMPUR: Icon Offshore Bhd, through its 51%-owned subsidiary POSB, has bagged an award to provide a jack-up drilling rig to Petrofac for US$13.3mil.
The award increases Icon’s order book to RM768.8mil and is expected to contribute positively to the company’s earnings, order book and net assets for the financial year ending Dec 31,2021.
The expected commencement for the project is in April 2021 for a primary period of 180 days with firm eight wells, and with an optional three wells extension.
“The risks associated with the award is mainly operational risks such as accidents and unexpected breakdown of the rig.
“In mitigating such risks, Icon carries out routine dry-docking inspections, repairs and regular maintenance based on the company’s comprehensive planned maintenance programme. Together with Icon’s strict health, safety, security and HSSE policy and procedures, Icon is of the view that the likelihood and impact of these risks are considered to be manageable within an acceptable level, ” the company said in a filing to Bursa Malaysia.