ICON

0.760

+0.015 (+2%)

OTHERS ICON OFFSHORE BERHAD ("ICON" OR "THE COMPANY") - LETTER OF AWARD AND CHARTER PARTY AGREEMENT BY PETROLANPAN SDN. BHD. ("PETROLANPAN") FOR THE PROVISION OF ACCOMMODATION WORK BOAT SERVICES

ICON OFFSHORE BERHAD

Type Announcement
Subject OTHERS
Description
ICON OFFSHORE BERHAD ("ICON" OR "THE COMPANY") -  LETTER OF AWARD AND CHARTER PARTY AGREEMENT BY PETROLANPAN SDN. BHD. ("PETROLANPAN") FOR THE PROVISION OF ACCOMMODATION WORK BOAT SERVICES
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 7 March 2024 and 13 March 2024 executed a Letter of Award (“LOA”) and a Charter Party Agreement (“CPA”) with Petrolanpan for the provision of one (1) unit Accommodation Work Boat (“AWB”) for Hook-Up and Commissioning Work activities. The provision of service will commence immediately upon completion of the AWB’s pre-hire inspection.


2. VALUE AND DURATION OF THE CONTRACT

The value of the contract is in accordance with the CPA. The contract primary period is for 45 days from the commencement date with the option to extend for 15 days.


3. FINANCIAL EFFECTS

The LOA and CPA are 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 accommodation work boat for hook-up and commissioning work activities which are in the normal course of ICON’s business. Such risks will be adequately addressed and mitigated through our existing standard operating procedures and processes developed over these years.


5. CONFIDENTIALITY

In accordance with the terms of the CPA, IOGSB has received approval from Petrolanpan on the content and the release of this announcement. The contract value remains confidential.


6. 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 and CPA.


7. 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 14 March 2024.





Announcement Info

Company Name ICON OFFSHORE BERHAD
Stock Name ICON
Date Announced 14 Mar 2024
Category General Announcement for PLC
Reference Number GA1-14032024-00013