Icon Offshore Subsidiary Extends Drilling Rig Contract for Four Wells

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Icon Offshore Bhd said that its company has been awarded a contract extension for the provision of its jack-up drilling rig, which will be used to complete operations on four wells.

This is an extension of the previous contract with Petrofac Ltd for eight wells, which was secured by the subsidiary, Perisai Offshore Sdn Bhd, in December 2020.

The extension, which is projected to last four months, will begin in October, Icon said in a filing with Bursa Malaysia.

Icon has worked closely with the client on the drilling programme since the contract began in April 2021, according to Icon managing director Datuk Seri Hadian Hashim.

“This award demonstrates Icon’s capabilities and demonstrates the value Icon can provide clients, which has resulted in longer-term relationships and contracts,” Hadian said.

The group’s order book will increase to RM770 million as a result of this award, Icon said, without specifying the contract value for the extension.

Icon owns 51% of Perisai Offshore, which is the holding company for the Perisai Pacific 101 drilling rig. Icon completed the acquisition of a 51 percent share in February for RM177 million.

This marks Icon’s second contract announcement of the year. On May 27, the group announced that its indirect subsidiary Icon Bahtera (B) Sdn Bhd has secured a four-year charter renewal from Zell Transportation Sdn Bhd for RM167.96 million for its vessel Icon Kayra.

Icon’s shares finished half a sen higher at 10 sen, or 5.26 percent higher, valuing the offshore support vessel operator at RM270.32 million.

Published by Zack Baharum

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