1. INTRODUCTION

The Board of Directors of ICON (“Board”) wishes to announce that Icon Offshore Group Sdn. Bhd. (“IOGSB”), a wholly owned subsidiary of ICON, had on 28 February 2024 been awarded with a Letter of Award (“LOA”) from a PAC for the provision of one (1) unit Platform Supply Vessel (PSV) for the PAC’s drilling campaign. The provision of service will commence on 31 March 2024.

2. VALUE AND DURATION OF THE CONTRACT

The value of the contract is based on the bid proposal. The contract primary period is for 100 days from the commencement date.

3. FINANCIAL EFFECTS

The LOA is expected to contribute positively to earnings, order book, and net assets of ICON for the financial year ending 31 December 2024.


4. RISK FACTORS

Risks for the provision of service include typical risks associated with the provision of platform supply vessel for drilling and project activities which are in the normal course of ICON’s business. Such risks will be adequately addressed and mitigated through ICON's existing standard operating procedures and processes developed over these years.

5. INTEREST OF DIRECTORS AND/OR MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED TO THEM

None of the Directors and Major Shareholders of ICON and/or persons connected with them has any interest, direct or indirect, in the LOA.

6. DIRECTORS’ STATEMENT
The Board of ICON believes that the acceptance of LOA is in the best interest of IOGSB and its holding company, ICON.


The announcement is dated 4 March 2024.