KUALA LUMPUR (May 24): Icon Offshore Bhd is optimistic about its medium-term prospects, given the increasing number of oil and gas (O&G) support-service projects, as crude oil prices stabilise.

Speaking to reporters after Icon's annual general meeting here today, managing director Amir Hamzah Azizan said the outlook of the O&G industry seemed more favourable this year as recent contracts generally carried long-term agreements.

He said long-term contracts would enable O&G support-service providers to manage their businesses better. “Going forward, (our performance) will be driven by, most importantly, the level of activities that are beginning to creep back into the business.

“Additionally, Petronas has reissued its five-year integrated logistics control tower initiative contract and we are poised to compete aggressively for that. The key thing about this contract is the nature of it, whereby jobs are bundled into segments, giving bigger [O&G] players greater chance to compete, if they are diversified,” he added.