KUALA LUMPUR (Feb 11): Offshore support outfit Icon Offshore Bhd has secured a US$9.6 million (RM40.22 million) order from ConocoPhillips Sarawak Ltd and Conocophillips Sarawak Oil Ltd (collectively ConocoPhillips Sarawak) to supply a jack-up drilling rig.

In a filing on Friday (Feb 11), Icon said its subsidiary I Oilfield Services Sdn Bhd (IOSSB) (formerly known as Perisai Offshore Sdn Bhd) had been issued a letter of award from ConocoPhillips Sarawak on Dec 23, 2021.

“The contract has an estimated value of US$9.6 million,” it added.

The award is for the provision of a jack-up rig, namely Icon Caren, to drill three plus one wells which is expected to commence in the second quarter of 2022, according to the group.

In a statement, Icon managing director Datuk Seri Hadian Hashim noted that Icon Caren has been working continuously since April 2021 and has established a credible track record.

“We look forward to delivering value-added services to ConocoPhillips during the tenure of the contract and at the same time strengthen Icon Caren’s credential to secure future contracts,” he said.

Icon said the award is expected to contribute positively to the earnings, order book, and net assets of the group for the financial year ending Dec 31, 2022.

“Following this contract, Icon’s order book will increase to RM725.7 million,” it added.

Icon’s share price closed half a sen or 4.35% higher at 12 sen, giving it a market capitalisation of RM310.87 million.