KUALA LUMPUR (Aug 25): Icon Offshore Bhd's second quarter ended June 30, 2017 (2QFY17) registered losses of RM6.6 million, compared with a profit of RM617,000 seen in the same period last year due to an increase in consumables and spare parts costs.

In a filing with the bourse today, the largest offshore support vessel provider said its revenue for the quarter dipped by 6.8% to RM54.9 million from RM58.9 million a year ago due to lower average daily charter rates.

Its cumulative six-month net loss widened to RM13.2 million from RM4.4 million, while revenue for the period dropped 12.9% to RM96.3 million from RM110.7 million last year.

"The group continues to focus on securing new contracts and maximising utilisation rates through competitive tendering for domestic and regional contracts, as well as leveraging on its expanded presence in Brunei," it said on prospects.

It added that the upstream exploration and production activities in Malaysia are expected to continue to be volatile and underpin the demand for onshore support vessels.

"Activities in the oil and gas industry continue to be volatile in the current market environment. However, ICON remains resilient and actively pursuing our business objectives through competitive bidding for domestic and regional jobs," said the group's managing director Amir Hamzah Azizan in a separate statement.

Icon Offshore shares closed half a sen lower at 21.5 sen, for a market capitalisation of RM253.1 million.