Icon Offshore’s orderbook remains strong with new contract from Talisman

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KUCHING: Icon Offshore Bhd (Icon), continued its operational expansion yesterday with the announcement of the award of a new contract from Talisman Malaysia Ltd (Talisman) for the provision of one Anchor Handling/Tug/Supply (AHTS) vessel.

The contract is for a firm period of two years with an option to extend the hire by a further one year and commenced in September 2014.

Dr. Jamal Yusof, chief executive officer of Icon, said, “We are grateful for the trust and confidence placed in us by Talisman with the award of this new contract which consolidates our leading position in shallow water operations within the Offshore Support Vessel (OSV) space locally.

“Following our successful listing recently, our strategic expansion plan remains on track so we are optimistic of not only meeting but surpassing the expectations of our stakeholders.”

The contract has an estimated value of RM63.5 million, inclusive of the option period, and is expected to contribute positively to the earnings and net assets of Icon for the financial year ending Dec 31, 2014 (FY14) and beyond.

Building on their recent penetration into the oil and gas market in Brunei, Icon is selectively expanding their fleet size and composition in order to provide its customers with a competitive and diversified service portfolio.

The company has recently completed the acquisition of an Accommodation Work Boat (AWB) from Nam Cheong International Ltd, and has a further six vessels currently under construction which includes two AWBs, two Platform Supply Vessels (PSV), one Fast Crew Boat (FCB) vessel and two AHTS vessels.

“Icon’s order book remains strong at RM817 million, as attested to by recent contract extensions for the provision of two AHTS vessels in Malaysian waters as well as our new joint venture in Brunei.

“While there has been a slowdown in certain segments of the oil and gas industry like deepwater drilling, the demand in the shallow water sector remains strong, which we are uniquely positioned to take advantage of both locally and internationally,” Jamal added.