ICON Offshore Berhad has successfully renewed its charter co...

ICON Offshore Berhad has successfully renewed its charter contracts with Petronas, securing long-term agreements for 11 of its offshore service vessels (OSVs). These contracts are expected to significantly boost ICON Offshore's earnings and stability. The renewed contracts come with higher daily charter rates, contributing to a strong projected net profit growth of over five times in FY24 and a further 83% in FY25, according to Maybank Investment Bank. This renewal is part of ICON Offshore's strategic focus on long-term chartering to ensure earnings longevity​