KUALA LUMPUR (May 17): Offshore service vessel player Icon Offshore Bhd expects the oil and gas sector's activities to increase as oil prices recover further, which, in turn, would benefit the company.

"We think as we move forward there is light at the end of the tunnel. As the oil prices stabilise, there will be a little more activities coming in the market which will help us," Icon Offshore managing director Amir Hamzah Azizan told reporters after its annual general meeting today.

He also noted that initiatives taken by the company to restructure its capital and operating cost, and drive fleet utilisation through competitive bidding has already shown positive signs.

He hopes the company will maintain its utilisation rate of 60% and aggressively tender new projects.

As at March 31, Icon Offshore has an order book of RM640.1 million.

As for the expansion overseas, he said the company will focus on the Brunei market.

Currently, the contribution of its expansion outside Malaysia stands at 27%.

At 12.30pm, shares of Icon Offshore were traded unchanged at 37.5 sen for a market capitalisation of RM441.44 million.