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aws全区号(www.2km.me)_Icon Offshore emerges as dark horse in O&G

admin2021-11-1413

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Icon Offshore Managing Director Dato Sri Hadian Hashim has been working on a fundamental shift in the group’s management to streamline its operation, workflows, project delivery and procurement processes to reduce cost and enhance efficiency.

THE recent rally of global crude oil prices has yet to positively impact the share prices of locally listed oil and gas (O&G) service providers, which have been underperforming for many years.

The KL Energy Index has been the worst-performing index on Bursa Malaysia since the beginning of 2020, declining almost 40% since then.

This is a stark contrast to the movement of the Brent crude oil, which has risen by more than 55% year-to-date, to trade above US$80 (RM333) per barrel, the highest since 2018.

Some quarters suggest that investors may be shying away from the O&G sector as many service providers are still stuck with mounting debt issues following the 2014 crude oil price rout.

Last year’s Covid-19 pandemic had put a further dampener on the industry.

But there could be some players benefiting from the run up in crude oil prices. Little known Icon Offshore Bhd could be one.

Icon Offshore was one of the biggest losers during the oil crash in 2018 due to its heavy asset holdings. It was listed in 2014 with a market capitalisation of more than RM2bil, only to see that sliding to as low as RM297mil today.

Things have changed since the group undertook a massive corporate exercise in 2020. That included a RM450mil impairment and a fundraising through rights issue to raise RM250mil.

That exercise had set the tone for Icon Offshore to be more nimble and on a better footing.

Since then, Icon Offshore has diversified into the O&G drilling business after it bought a subsidiary of Perisai Petroleum Bhd that owns and operates a jack-up rig known as Perisai Pacific 101 (PP101) at a price tag of US$40mil (RM173mil).

Over the past six quarters, Icon has been reporting profits except for the quarter ended March 31, 2021 and the quarter ended Dec 31, 2020.

Icon Offshore managing director Datuk Seri Hadian Hashim says the diversification efforts that the group had embarked on last year has boosted its overall performance.

Icon Offshore has long been known as one of the largest pure play offshore service vessel (OSV) providers.

Today, Icon Offshore’s revenue contribution from OSV Malaysia constitutes about 40%, followed by OSV Brunei at 30%, while its drilling segment contributes the remaining 30%.

Moving forward, Hadian plans to transform the group into an integrated service provider through mergers and acquisitions.

“We plan to build on these positive results and continue to transform Icon Offshore into an integrated service provider with broader, more holistic and higher-value-added solutions.

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