The Board of Directors (“Board”) of Icon Offshore Berhad (“ICON/Company”) is pleased to announce that its subsidiary company, IOSSB has received a letter of award from ConocoPhillips Sarawak for the provision of a Jack-Up Rig, namely Icon Caren for ConocoPhillips Sarawak’s 2022 drilling campaign.
ConocoPhillips Sarawak had on 23 December 2021 issued a letter of award to IOSSB for the provision of a jack-up rig to drill three wells plus one well which is expected to commence in the 2nd quarter of 2022 . The Contract has an estimated value of USD9.6 million.
The contract award is expected to contribute positively to the earnings, order book, and net assets of ICON for the financial year ending 31 December 2022.
IOSSB is of the view that the risks associated with the contract award are mainly operational risks such as accidents and unexpected breakdowns of the rig with such risks being mitigated through the undertaking of routine dry-docking inspections, repairs, and regular maintenance based on IOSSB’s comprehensive planned maintenance program. Together with IOSSB’s strict health, safety, and security policy and procedures, IOSSB is of the further view that the likelihood and impact of these risks are considered to be manageable within an acceptable level.
In accordance with the terms of the letter of award, IOSSB has received approval from ConocoPhillips Sarawak on the content and the release of this announcement.
None of the directors, major shareholders of ICON, and/or persons connected with the directors or its major shareholders have any interest, direct or indirect in the Award.
