Posted by madguy > 2022-08-27 08:22 | Report Abuse

"To recap, Icon Offshore bought the rig, which was then a distressed asset, from ailing Perisai Petroleum Bhd at US$42.54mil (RM177 million) in 2020, when crude oil prices had dived to sub-zero."

"Should the company sell the piece of asset at double the price it had paid, Icon Offshore would be getting roughly US$85 million (RM350 million) — an instant boost to its warchest."

"As at June 30, Icon Offshore’s cash balance was at RM46.15 million against total borrowings of RM297.2 million, of which RM266.85 million were long term liabilities."

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wtf, so base on current ex-rate usd/myr of 4.45 the rig should worth rm378.25mil, if icon manage to sell the rig, company will be in stronger cash balance vs its liabilities, with total cash of 415mil/424.4mil