ICON Offshore Bhd’s subsidiary, Icon Offshore Group Sdn Bhd (IOGSB), has been awarded a letter of award (LOA) from a Petroleum Arrangement Contractor (PAC) for providing one platform supply vessel (PSV) for a drilling campaign.

The service is set to commence on March 31, 2024, with a contract value based on the bid proposal.

The primary period of the contract spans 100 days from the commencement date, and the financial impact is expected to contribute positively to ICON’s earnings, order book, and net assets for the fiscal year ending December 31, 2024.

Icon states that the acceptance of the LOA is in the best interest of IOGSB and the company. — TMR