Malaysia-listed Icon Offshore will continue to have the funding support of Ekuiti Nasional (Ekuinas), dismissing rumours that the private fund-management company has plans to end its support for the oil and gas services provider.
Currently, Ekuinas holds a 42.3% stake in Icon Offshore, making it the single-largest shareholder of the offshore company. Despite the recent alleged corruption probing in Icon Offshore, the management of Malaysia-based Ekuinas views their investment in the company as long term in supporting Icon Offshore to grow its business regionally.
Icon Offshore recently came under the media limelight when its CEO Jamal Yusof and chief operating officer (COO) Rahman Yusof were detained by the Malaysian Anti-Corruption Commission (MACC) on 22 April to “facilitate and assist in investigations”.
Subsequently, both the CEO and the COO of Icon Offshore, who are siblings, were given a six-month leave of absence from 27 April to enable them to focus on assisting the relevant authority in the ongoing investigations.
According to Icon Offshore’s filing in the Malaysian stock exchange Bursa Malaysia, the company’s deputy CEO, Hassan Ali, will assume the leadership position and continue to discharge all responsibilities of CEO of the company in their absence.
Icon Offshore also reiterates that it takes serious exception to any breaches in policies and integrity as part of the active stewardship of the company.
Currently, Icon Offshore has an orderbook of approximately MYR760.2 million (USD210.9 million) and won six of the eight packages offered by Malaysia-based oil exploration and production company Petronas Carigali in an umbrella contract for the provision of a spot charter of marine vessels.