Struggling Malaysian OSV operator Icon Offshore has named industry veteran Seri Hadian Hashim as its new managing director.
The 61-year-old takes up the post on 3 September. He takes over from Captain Hassan Ali who has been serving in the post in a temporary capacity.
Hadian began his career with a 12-year stint Sarawak Shell Bhd (SSB) starting in 1982 before moving onto a more entrepreneurial career.
In 1995 he joined Itochu Pipe and Tube Asia Corporation Sdn Bhd as a director. Four years later he became a shareholder and director of Integrated Petroleum Services.
In 2012, he was one of the founding shareholders of Sona Petroleum Sdn Bhd which was listed in July 2013 as a special purpose acquisition company (SPAC) focused on the oil and gas business. The company was delisted in 2018.
“I am confident that he will be able to leverage on his entrepreneurial experience to spearhead Icon in strengthening its existing business and develop new business opportunities, especially in light of our recently-announced recapitalisation exercise, which will result in a significantly improved balance sheet, post completion,” said Icon Offshore’s chairman Raja Arshad Raja Tun Uda.
“At the same time, on behalf of the board and management of Icon Offshore, I would like to take this opportunity to thank Captain Hassan Ali for stepping up to helm the leadership in transition, especially during the challenging period and competitive landscape for the company.”
On Monday, Icon Offshore announced it was undertaking a cash call to raise up to MYR 250m ($59.8m) and to restructure MYR 370.66m of debt, partly through the issuance of new shares.
It also announced that it would be restructuring its debt by executing supplemental agreements with its various creditors.
