Icon Offshore Berhad’s subsidiary has received two contracts worth MYR55m ($14.5m) from an unnamed oil company to provide two anchor handling tug and supply vessels (AHTS).

Both the two year charter contracts will be effective from 5 July with an option for an extension of one year.

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As part of these long term contracts, Icon Offshore Group will provide services including transportation of supplies from supply bases to drilling rigs/platforms and vice-versa to the oil major.

"These new long-term contracts reflect positively on the company despite the challenges faced. Our operations remain strong."

The company said in a statement: "The total value of the long-term contracts is MYR55m inclusive extension period and is expected to contribute positively to the earnings and net assets of Icon for the financial year ending 31 December 2015 and beyond."

The new contracts are in addition to the MYR99m ($26m) long-term contract secured in Brunei earlier this year by its wholly owned subsidiary, Icon Bahtera, for the time charter of its new DP2 accommodation work boat (AWB), the Icon Valiant.

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Icon deputy CEO Hassan Ali was quoted by thesundaily.com as saying that: "These new long-term contracts reflect positively on the company despite the challenges faced.

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"Our operations remain strong. We hope to be able to secure more contracts in the future through value-added services to our clients as the industry conditions improve."

The company noted that the risks associated with the long-term contracts are mainly operational risks such as accidents and unexpected breakdown of vessels.

In mitigating such risks, the company carries out routine dry docking inspections, afloat repairs and regular maintenance based on its comprehensive preventive maintenance programme.