We refer to the article titled “Game-Changer Deal for Icon Offshore” which appeared in The Star on 6 July 2020 in relation to the proposed acquisition by the Company of a subsidiary of Perisai Petroleum Teknologi Bhd. (“Perisai”) that owns and operates a jack-up rig known as Perisai Pacific 101 (“Rig”).

The Company wishes to clarify that it is in negotiation and discussion with Perisai and its subsidiaries (“Perisai Group”) in relation to the proposed acquisition by the Company and/or its subsidiary of the Rig and equity stakes in the related drilling business from the Perisai Group (“Proposals”) with a view towards finalising the terms and conditions of the Proposals.

Once the terms and conditions have been finalised and the definitive agreements have been signed, the details of the Proposals will be released and the necessary announcement will be made on a timely basis as required by the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

This announcement is dated 6 July 2020.