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Icon Offshore wins $11m supply vessel contract from ExxonMobil

Icon Offshore wins $11m supply vessel contract from ExxonMobil
Icon Offshore has secured its first charter contract of the year, to provide ExxonMobil Exploration and Production Malaysia Inc with two supply vessels for two years, with a one-year extension option, it said in a stock market announcement.

Malaysia's biggest offshore support vessel provider said the contracts, started this month and are valued at MYR42m ($10.5m) including the optional extension period.

These vessels will support the offshore production platforms as well as other requirements.

Icon md Amir Hamzah Azizan said: “The new charter contracts for the year demonstrates the confidence by the world’s oil and gas majors in Icon’s strong fundamentals, core competencies and competitiveness, despite the recent slowdown in the oil and gas market.

“This achievement helps showcase the company’s reputation of consistently delivering top value in all contracts.

“These contracts also provide a significant boost to our growing portfolio, and are a promising indication despite a challenging global market.”

Icon said that these first contracts for 2016 would supplement its order book which stood at MYR686m as at 31 December 2015, and would provide long-term cash flow stability and earnings visibility moving forward.

Icon’s last contract win, was almost six months ago, on 24 November for a deep-water platform supply vessel to Borneo Seaoffshore worth MYR51m.