Quick take: Contract win sends Icon Offshore shares up 11%

KUALA LUMPUR: Shares in Icon Offshore Bhd jumped over 11% in early trade Monday on the heels of its RM36mil job from Petronas Carigali Sdn Bhd.

The counter, one of the most heavily traded, jumped 11.11%, or 0.5 sen to five sen with 7.1 million shares traded.

Icon Offshore has secured a RM36mil contract from Petronas Carigalito provide an offshore support vessel for petroleum arrangement contractors’ production operation.

Icon Offshore said the contract has a firm period of 695 days, expiring on Aug 1, 2021, with extension option of “one year plus one year”.

Icon Offshore managing director Datuk Seri Hadian Hashim said as the industry recovers, the group hopes to secure more contracts through delivering value-added services to clients.

“As the industry recovers, we hope to secure more contracts through delivering value added

services to our clients. Our expanding order book will lead to a better vessel utilisation and improve our financial performance.

“Icon’s recent announcement on contract wins was made on Sept 11 for a RM26.5mil contract from Petronas Carigali.

“Year to date, we have secured nine contracts worth approximately RM191mil inclusive of extension period,” he added.

Source: TheStar