Icon Offshore secures 3-year charter for accommodation workboat

Malaysia’s Icon Offshore, a provider of offshore support vessels, has been awarded a long-term charter for one of its offshore accommodation workboat vessels for work off Brunei.

Icon said in Thursday’s stock exchange filing that the contract was for the accommodation work barge (AWB) Icon Valiant.

The contract was awarded to Brunei company Zell Transportation by compatriot SPHI Marine. Zell is a vessel chartering company which is part of a joint venture with Icon Bahtera, a wholly-owned subsidiary of Icon Offshore. The JV services Icon’s contracts and operations in Brunei Darussalam.

The deal, valued at RM72,062,340 ($16.2 million), began on March 1, 2017, and will last for three years with two one-year extension options.

Icon said that the charter contract is expected to contribute positively to the earnings and net assets of the company for the financial year ending December 31 and beyond.

The Icon Valiant is a DP-2, 2013-built AWB, which can accommodate 200 persons. It is 82.16 meters long with 792 square meters of clear deck space and a pedestal crane of 50 tonnes.

To remind, in January this year, Malaysian offshore drilling services company UMW Oil & Gas entered into a deal to buy Icon Offshore by acquiring 42.3 percent interest in Icon from equity firm Ekuiti Nasional Berhad.

The remaining 57.7 percent of shares not owned by UMW after the transaction the company will attempt to acquire through a mandatory general offer.

Offshore Energy Today Staff