By TMR

Icon Offshore Bhd’s wholly owned subsidiary, Icon Offshore Group Sdn Bhd, has secured five contracts from Petroleum Arrangement Contractors (PACs) and one from Petronas Carigali Sdn Bhd.

The contracts from the PACs are for the provision of offshore support vessels for the PACs’ production operations.

The contracts are on a call-out basis valid for a period of three years with an extension option of one year plus one year, the offshore support service provider noted in its exchange filing last Friday.

The commencement date of the vessel used shall be the vessel’s on-hire dates, of which, the vessels were on hired between September 2018 to December 2018 by the PACs. The contract value was not disclosed.

The contract from Petronas Carigali is for the provision of straight supply vessel valued at RM8 million inclusive of the optional extension period.

The commencement date of the work order award in respect of vessel, Tanjung Pinang 2, is March 7, 2019.

The contract is for a period of 180 days, with an extension option of another 180 days.

All the contracts are expected to contribute positively to the earnings, orderbook and net assets of Icon for the financial year ending Dec 31, 2019 and beyond.

Icon shares rose 1.5 sen or 16% to 11.5 sen on the news last Friday. — TMR