KUALA LUMPUR (Nov 24): Icon Offshore Bhd saw its net profit in the third quarter ended Sept 30, 2022 (3QFY22) fall 47% year-on-year to RM7.65 million from RM14.37 million a year ago, as lower utilization weighed on contribution from its offshore supply vessels (OSV) and drilling segments, coupled with higher costs.

Revenue also fell by 10% to RM78.51 million from RM87.28 million.

Icon Offshore also announced on Thursday (Nov 24) that it has completed the disposal of ‘Perisai Pacific 101’, a jack-up drilling rig for US$85 million.

“The sale of the rig is timely and provides Icon Offshore the opportunity to unlock the substantial value and monetise its investment in the Jack-Up Rig at a significant profit,” it said.
The group announced a distribution of special dividend amounting to 6.7 sen per share on Thursday with ex-date on Dec 8.

For the first nine-month period of the year (9MFY22), net profit was largely flat at RM17.93 million from RM17.9 million in the previous corresponding period, while revenue inched up 2.3% to RM225.07 million from RM219.99 million in 9MFY21.

Order book as at 3QFY22 stood at RM652.5 million for the group’s OSV segment, of which 96% are long-term contracts, providing stable cash flow and earnings visibility.

“The outlook of upstream exploration and production activities in Malaysia and the region is expected to be favourable this year on the back of strong rebound in Brent crude oil prices,” said Icon Offshore, which is 56.07%-owned by state-controlled Yayasan Ekuiti Nasional (Ekuinas).

Shares of Icon Offshore closed half sen or 3.6% higher at 14.5 sen, giving it a market capitalisation of RM392.2 million.