Icon Offshore’s vessel given second charter extension for RM167.96 million

KUALA LUMPUR (May 27): Icon Offshore Bhd said today it has received a second extension to charter its vessel Icon Kayra from Zell Transportation Sdn Bhd (ZT). The charter contract is worth RM167.96 million.

Icon Offshore said in a bourse filing the contract is secured by Icon Bahtera (B) Sdn Bhd, a subsidiary company of Icon Fleet Sdn Bhd, which in turn is a wholly-owned subsidiary of Icon Offshore.

The contract is for the charter of the vessel by ZT for a primary contract duration of 17.5 months with a further yearly extension option of four years, which will be effective from May 15.

This is a variation to the initial contract announced on March 9, 2017, followed by the first extension contract announced on Nov 26, 2019.

The contract is expected to contribute positively to Icon Offshore’s earnings, order book and net assets for the financial year ending Dec 31, 2021 and beyond.

At noon break, Icon Offshore was unchanged at 10.5 sen, valuing the group at RM283.83 million. TheEdge