Icon is one of the largest OSV providers in terms of number in Southeast Asia with 20 active OSVs and one active drilling vessel.

Meanwhile, Hibiscus Oil & Gas Malaysia is a subsidiary of Hibiscus Petroleum Bhd.

In a statement today, Icon said the contracts involve the provision of platform supply vessels with crew and equipment for 24-hour support services to the offshore construction and integrated well services scope.

The group, however, did not disclose the value of the contracts in its statement.

The company received the first work order on Jan 18, 2023, followed by the second work order on Feb 17, 2023, it said, adding that both contracts commenced on March 1, 2023, and will utilise 422 combined vessel days in total.

“These contracts will positively contribute to our earnings and strengthen our leadership in the OSV segment.

“We look forward to executing this contract and all the other contracts in our orderbook that currently stands at well above RM600 million,” said its managing director Hadian Hashim.

Previous plans underway

Icon proposed on March 7 to reduce its issued share capital by RM830 million to eliminate the group’s accumulated losses.

This came along with a proposal to consolidate every five existing ordinary shares in the group or held by its shareholders.

As of March 23, it noted in a filing with Bursa Malaysia that the proposals had been submitted to the Securities Commission Malaysia.

Icon, which is harbouring RM822.41 million in losses as of Dec 31, 2022, will have retained earnings of RM7.19 million after the proposed share capital reduction. The balance, if any, will be credited to the retained earnings account of the group.

At the close of trading today, Icon’s share price was up 5.56% or 0.5 sen, giving it a market capitalisation of RM244.27 million.