Announcement Details OTHERS AWARD BY A PETROLEUM ARRANGEMENT CONTRACTOR (PAC) FOR THE EXTENSION OPTIONS NO. 1 & 2 OF THE PROVISION OF ONE (1) JACK-UP DRILLING RIG FOR DRILLING PROGRAM TO PERISAI OFFSHORE SDN BHD (POSB).
Description: AWARD BY A PETROLEUM ARRANGEMENT CONTRACTOR (PAC) FOR THE EXTENSION OPTIONS NO. 1 & 2 OF THE PROVISION OF ONE (1) JACK-UP DRILLING RIG FOR DRILLING PROGRAM TO PERISAI OFFSHORE SDN BHD (POSB).
1. INTRODUCTION The Board of Directors (“Board”) of Icon Offshore Berhad (“ICON/Company”) is pleased to announce that its subsidiary company, POSB has received a letter of award from a PAC to exercise the Extension Options No. 1 and 2 for the provision of one (1) jack-up drilling rig.
2. BACKGROUND/DETAILS OF THE AWARD The PAC had on 29 December 2020 issued a letter of award to POSB for their Drilling Program which has commenced in mid-April 2021 for a duration of 180 days for eight (8) wells. In the said letter of award, there are provisions for 3 contract extensions for up to 6 wells. On 23 September 2021, POSB has received a letter of award from the PAC to exercise the Extension Options No. 1 and No. 2 for their Drilling Program. The expected commencement is in October 2021 for a period of 120 days for four (4) wells as per the following table:-
3. FINANCIAL EFFECTS ON ICON The contract award is expected to contribute positively to the earnings, order book and net assets of ICON for the financial year ending 31 December 2021 and beyond. With this award, the Order Book will increase to RM770 million. Notwithstanding this, the Award is not expected to have any material effect on the share capital and shareholding structure of ICON.
4. RISKS ASSOCIATED WITH THE AWARD The risks associated with the contract award are mainly operational risks such as accidents and unexpected breakdown of the rig. In mitigating such risks, ICON carries out routine dry-docking inspections, repairs and regular maintenance based on the Company’s comprehensive planned maintenance program. Together with ICON’s strict health, safety and security policy and procedures, ICON is of the view that the likelihood and impact of these risks are considered to be manageable within an acceptable level.
5. CONFIDENTIALITY The contents of this announcement follow the terms of the contract award and the approval for the release of the announcement has been provided by the PAC.
6. DIRECTORS' AND SHAREHOLDERS' INTEREST None of the directors, major shareholders of ICON and/or persons connected with the directors or its major shareholders have any interest, direct or indirect in the Award.
7. DIRECTORS' STATEMENT Our Board believes that the contract award is in the best interest of POSB and the holding company, ICON.
Oct 4 (Reuters) - Oil jumped to a three-year peak on Monday after OPEC+ confirmed it would stick to its current output policy as demand for petroleum products rebounds, despite pressure from some countries for a bigger boost to production. The producer club's decision to keep increasing oil output gradually sent prices sharply higher, adding to inflationary pressures that consuming nations fear will derail an economic recovery from the pandemic. read more OPEC+ agreed in July to boost output by 400,000 barrels per day (bpd) each month until at least April 2022 to phase out 5.8 million bpd of existing production cuts. Brent crude settled up $1.98, or 2.5%, to $81.26 a barrel. It rose 1.5% last week for a fourth consecutive weekly gain, and was back up to highs last seen in 2018.
U.S. oil settled up $1.74, or 2.3%, to $77.62 a barrel after gaining for the past six weeks, and was at its highest since 2014. "Given the demand picture and the outcome of the OPEC meeting, the overall sentiment around crude is bullish," said John Kilduff, partner at Again Capital LLC in New York. Demand for coal and natural gas has exceeded pre-COVID-19 highs with oil closely trailing, according to energy watchdog, the International Energy Agency. Three-quarters of global energy demand is still met by fossil fuels, with less than a fifth by non-nuclear renewables. OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, has faced pressure from some countries to add back more barrels to the market as demand has recovered faster than expected in some parts of the world.
Four OPEC+ sources told Reuters recently that producers were considering boosting output by more than had already been agreed. read more The oil price rally has also been fuelled by an even bigger increase in gas prices, which have spiked by 300%, prompting switching to fuel oil and other crude products to generate electricity and for other industrial needs.
Three-quarters of global energy demand is still met by fossil fuels, with less than a fifth by non-nuclear renewables. The rest will be coming from our Plantation Bio Fuel and Malaysia is the 2nd Biggest Exporter of Palm Oil.
Crude palm oil (CPO) futures price rose to RM5,000 a tonne for the first time on Tuesday. Our palm oil exports is expected to grow by 39% m-o-m and 0.3% y-o-y in September 2021 to 1.62 million tonnes, likely due to higher exports to India, China and the EU (European Union)
Meanwhile Fossil Energy prices continue to surge to fresh records as renewed fears stoke panic of the worst shortage in decades. India has warned it has only four days of coal reserves left, German power plants are running out of fuel and China just unloaded an Australian coal shipment despite an import ban and icy relations. Supply is just not there as economies rebound from a pandemic-induced lull, while problems like logistical logjams and transport bottlenecks are adding to the pressure.
Bigger picture: OPEC+ didn't come to the rescue yesterday as the group decided to continue its original plan of gradually releasing 400,000 additional barrels of oil per month. That's despite calls from world leaders, including the White House, to bring more crude on to the market and keep a lid on prices.
It's looking good guys from both Frontiers. Mabel Energy Battleships and Supertankers as well as Bio Fuel Plantation are cruising at full speed.
As countries around the world race to secure energy supplies as demand picks up and winter nears, we can expect a prolonged period of high oil prices, natural gas prices, and coal prices..
Slowly and surely...just like Mabel's first night....
It will be more intense than the previous rally ..Trust me :)
PETALING JAYA: Interstate travel nationwide will resume starting Monday (Oct 11), says Datuk Seri Ismail Sabri Yaakob. The Prime Minister said this during a special address at 3pm on Sunday (Oct 10).
"With the achievement of almost 90% of the population being fully vaccinated, therefore I would like to announce that interstate travel will be allowed. This will begin on Monday (Oct 11). “Interstate travel is only allowed for those who are fully vaccinated. “The lifting of the prohibition on interstate travel does not apply for visits to localities placed under enhanced movement control order," he added. Ismail Sabri also said fully vaccinated Malaysians can travel abroad without MyTravelPass effective Monday (Oct 11)...
All Captain Mabel Fossil Fuel Battleships and Super Tankers are already cruising at Full Speed and they are name after the ships in the Pirates of the Caribbean. These Armada Fleet of Battleships will be Air Supported by AirAsia and Singapore Airlines Jet Fighters.
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Mabel
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Posted by Mabel > 2021-09-28 13:28 | Report Abuse
Profit oledi mah..
Meow