The Board of Directors (“Board”) of Icon Offshore Berhad (“ICON/Company”) is pleased to announce that its new subsidiary company, POSB has received an award for the provision of one (1) jack-up drilling rig namely Perisai Pacific 101 (“PP101 Rig”), from PETROFAC.
POSB is a new subsidiary which was recently acquired by ICON, via the completion of 51% shares acquisition from Perisai Petroleum Teknologi Berhad. These acquisitions by ICON also include the acquisition of PP101 Rig and purchase and assignment of intellectual property to operate the said rig.
POSB has recently received a letter of award (“Award”) from PETROFAC for their drilling program. The expected commencement is in April 2021 for a primary period of 180 days with firm eight (8) wells, and with an optional three (3) wells extension.
The Award value is approximately USD13.3 million and is expected to contribute positively to the earnings, order book and net assets of ICON for the financial year ending 31 December 2021. With this Award, the order book will increase to RM768.8 million. Notwithstanding this, the Award is not expected to have any material effect on the share capital and shareholding structure of ICON.
The risks associated with the Award is mainly operational risks such as accidents and unexpected breakdown of the rig. In mitigating such risks, ICON carries out routine dry-docking inspections, repairs and regular maintenance based on the Company’s comprehensive planned maintenance programme. Together with ICON’s strict health, safety, security and HSSE policy and procedures, ICON is of the view that the likelihood and impact of these risks are considered to be manageable within an acceptable level.
The contents of this announcement are in accordance with the terms of the Award, with the approval for the release of the announcement provided by PETROFAC.
None of the Directors, major shareholders of ICON and/or persons connected with the Directors or its major shareholders has any interest, direct or indirect in the Award.
Our Board is of the opinion that the Award is in the best interest of POSB and the holding company, ICON.
Source: ICON
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