Monday, 8 April 2019

Icon Offshore bags contract from Petronas Carigali

Icon Offshore Bhd's wholly owned subsidiary Icon Offshore Group Sdn Bhd (IOGSB) has secured an RM8 million contract from Petronas Carigali Sdn Bhd for the provision of straight supply vessel.

Icon Offshore, in a filing with Bursa Malaysia today, said the commencement date for the work order, for its Tanjung Pinang 2 vessel, will commence on March 7, 2019 for a period of 180 days with an extension option of 180 days.

In a separate filing, Icon Offshore said three Petroleum Arrangement Contractors (PACs) had also collectively awarded five contracts for the provision of offshore support vessels for PACs' Production Operations via five letters of award, all dated early September 2018.

Icon Offshore said it would be on a call out basis valid for a period of three years with an extension option of one year plus one year.

The company said the contracts are expected to contribute positively to the earnings, order book and net assets of the group for the financial year ending December 31, 2019 and beyond.

In June 2018, Icon Offshore announced that IOGSB, secured oil and gas (O&G) related contracts worth RM275 million in cumulative value.

One of the contracts is to provide offshore support vessels to O&G companies to support their production operations in Malaysian waters.

The contract valued at RM169 million was for a primary period of three years with an extension option of up to two years of one year each, it said in a filing to Bursa Malaysia.

The other job worth RM106 million was to provide two platform supply vessels to ExxonMobil Exploration and Production Malaysia Inc for its production operations, the company said.

The contract has two optional extension periods.