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August 31, 2015 8:01 AM ET

Energy Equipment and Services

Company Overview of Icon Offshore Berhad

Company Overview

Icon Offshore Berhad, an investment holding company, provides offshore support vessels to oil and gas related industries primarily in Malaysia. The company owns and leases utility vessels, anchor handling tug vessels, anchor handling tug supply vessels, straight supply vessels, platform support vessel, and accommodation work barge vessels. Its fleet offers logistical support services for various stages of offshore oil and gas life cycle, including exploration and appraisal, field development, operation and maintenance, and decommissioning. The company also provides a range of services, such as seismic survey, drilling operations support, towing, anchor handling and mooring of barges, constru...

East Wing, The Icon

Level 12A

No. 1, Jalan 1/68F

Off Jalan Tun Razak

Kuala Lumpur,  55000

Malaysia

Founded in 1994

Phone:

60 3 2180 6300

Fax:

60 3 2165 1085

Key Executives for Icon Offshore Berhad

Icon Offshore Berhad does not have any Key Executives recorded.

Icon Offshore Berhad Key Developments

Icon Offshore Berhad Announces Resignation of James Willian Iler as Independent Non-Executive Director

Icon Offshore Berhad announced that James Willian Iler, Independent Non-Executive Director has resigned. The effective date is August 26, 2015. Resignation of James Willian Iler due to ongoing work commitment.

Icon Offshore Berhad Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Icon Offshore Berhad announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenue of MYR 68,572,777 against MYR 81,970,794 a year ago. Profit from operations was MYR 14,073,987 against MYR 21,803,892 a year ago. Profit before taxation was MYR 4,606,872 against MYR 8,413,265 a year ago. Profit attributable to equity holders of the company was MYR 4,568,634 or MYR 0.4 per basic share against MYR 7,979,102 or MYR 1.40 per basic share a year ago. The decreased was primarily due to lower vessel utilisation rate of 57.4% for the quarter ended 30 June 2015 as compared to 84.0% for the quarter ended 30 June 2014, mainly due to completion of contracts, scheduled dry docking and repair and maintenance program for vessels as well as continuous lower activities in oil and gas industry. Adjusted PAT was MYR 5,155,884 against MYR 26,799,227 a year ago. The decrease was mainly due to lower revenue as a result from lower oil and gas activities during the current quarter. The decreased in Adjusted PAT was also contributed by reduction in gross profit as certain crew cost and ship operation cost were incurred for off-hire vessels. EBITDA was MYR 31,453,073 against MYR 36,916,773 a year ago. Adjusted EBITDA was MYR 31,453,073 against MYR 52,330,980 a year ago. The decreased in Adjusted EBITDA was also contributed by reduction in gross profit as certain crew cost and ship operation cost were incurred for off- hire vessels. For the six months, the company reported revenue of MYR 132,166,344 against MYR 162,037,953 a year ago. Profit from operations was MYR 25,148,362 against MYR 55,593,129 a year ago. Profit before taxation was MYR 7,350,970 against MYR 28,110,533 a year ago. Profit attributable to equity holders of the company was MYR 7,277,461 or MYR 0.06 per basic share against MYR 27,479,397 or MYR 6.6 per basic share a year ago. Net cash generated from operating activities was MYR 80,352,813 against MYR 85,053,930 a year ago. Purchase of property, plant and equipment was MYR 93,442,604 against MYR 68,409,529 a year ago. Adjusted PAT was MYR 8,451,961 against MYR 50,683,902 a year ago. EBITDA was MYR 58,448,994 against MYR 87,483,026 a year ago. Adjusted EBITDA was MYR 58,448,994 against MYR 102,722,363 a year ago.

Icon Offshore Berhad Announces Cessation of Jamal Bin Yusof as Executive Non-Independent Director

Icon Offshore Berhad announced that the cessation of Dr. Jamal Bin Yusof @ Gordon Duclos as executive non-independent director for the company with effect from May 27, 2015. He opted not to be reelected as a director pursuant to Article 106 of the company's articles of association to focus on personal matters.

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