Icon Offshore, Malaysia’s largest OSV operator, has reported a further improvement in its financial performance but still ended the quarter in the red.
The company lost MYR 5.2m ($1.2m) in the third quarter versus a loss of MYR 10.1m 12 months earlier, figures just released show.
Revenue increased by MYR 3.7m, or 7%, to MYR 55.4m on the back of higher utilization which has reached 57.5% in 2019.
“The group continues to focus on securing new contracts and maximising utilisation rate through competitive bidding for domestic and regional contracts as well as leveraging on its continued presence in Brunei,” Icon Offshore said.
“The upstream exploration and production activities in Malaysia are expected to gradually increase but continue to be volatile and underpin the demand for OSV.”
Icon Offshore said it continues to work on “conserving cash and reducing costs” to improve its liquidity and competitiveness.
Earlier this week the Kuala Lumpur-listed company’s shareholders approved plans for a corporate restructuring at its EGM.
“This paves the way forward for the group on its proposed debt restructuring and rights issue that will increase its share capital, reduce its borrowing, improve gearing and put the group in strong financial position to capitalise on the improving economic conditions in the industry,” Icon said.
