Strong turnaround expected for Icon Offshore

Maybank IB Research expected stronger quarters ahead, with a turnaround from Q2FY21 following the commencement of its drilling operations in April as well as higher OSV utilisation.

PETALING JAYA: Icon Offshore Bhd is expected to rake in a commendable set of earnings this year from its drilling and stronger offshore support vessel (OSV) operations despite its poor showing in the first quarter (Q1).

Notably, the company is going through a challenging macro environment as it faces a bottoming of daily charter rate (DCR).