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Icon Offshore lands jackup contract extension

Rig Lynx
  • By Rig Lynx
  • Sep 29, 2021
  • Category : Archives
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Icon Offshore Bhd said its subsidiary has secured a contract extension for the provision of its jack-up drilling rig involving works for four wells.

 

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

 

The extension is expected to commence in October for a four-month period, Icon said in a filing with Bursa Malaysia.

 

“Since the contract commenced in April 2021, Icon has worked closely with the client on the drilling programme,” said Icon managing director Datuk Seri Hadian Hashim.

 

“This award is a recognition of Icon’s capabilities and bears testament to the value Icon is able to offer the client that has translated to longer-term relationships and contracts,” Hadian said.

 

With this award, the group’s order book will increase to RM770 million, Icon said, without elaborating on the contract sum for the extension.

 

Perisai Offshore, which is the holding company for the Perisai Pacific 101 drilling rig, is a 51%-owned subsidiary of Icon. Icon had completed the acquisition of a 51% stake for RM177 million in February.

 

This is the second contract announced by Icon this year. On May 27, the group said its indirect subsidiary Icon Bahtera (B) Sdn Bhd had locked a four-year charter extension for its vessel Icon Kayra from Zell Transportation Sdn Bhd for RM167.96 million.

 

Shares of Icon settled up half a sen or 5.26% higher at 10 sen, valuing the offshore support vessel operator at RM270.32 million.

 

Source: The Edge

 

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