Price jump comes after news oil producers will slash output by about 1.16 million barrels per day.
Oil prices have surged after Saudi Arabia and other OPEC+ producers announced a surprise round of output cuts, a potentially ominous sign for global inflation just days after a slowdown in US price data had boosted market optimism. Brent oil futures jumped $4.30 to $84.19 a barrel on news output would be cut by about 1.16 million barrels per day, while US crude climbed $4.17 to $79.84. The change comes before a virtual meeting of an OPEC+ ministerial panel, which includes Saudi Arabia and Russia.
How the market view for Icon proposed (I) PROPOSED CAPITAL REDUCTION; AND (II) PROPOSED SHARE CONSOLIDATION(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")?
CIRCULAR TO SHAREHOLDERS IN RELATION TO THE: (I) PROPOSED REDUCTION OF THE ISSUED SHARE CAPITAL OF ICON OFFSHORE BERHAD ("ICON" OR THE "COMPANY") BY RM830.00 MILLION PURSUANT TO SECTION 116 OF THE COMPANIES ACT 2016; AND (II) PROPOSED CONSOLIDATION OF EVERY 5 EXISTING ORDINARY SHARES IN ICON ("ICON SHARES") INTO 1 ICON SHARE
“…its whollyowned subsidiary, Icon Offshore Group Sdn. Bhd. secured a contract from PETRONAS Carigali Sdn Bhd (“PCSB”) for the provision of an anchor handling tug vessel with crew and equipment for twenty-four(24) hour services. The services will be utilised to support and maintain drilling rigs, offshore installations, derrick barges, towing and anchor job required by PCSB during their drilling and project activities. ICON received the first work order award on 27 February 2023 and has commenced operations on 18 April 2023 as per vessel on-hire certificate for approximately 255 vessel days.”
Super Good news ! More & more companies rushing to be listed into KLSE ! There are 6 companies going to be listed in KLSE for July & early August 2023 !
The directors have made a fantastic decision to sell some assets at the right time to make a profit of RM218M. Now it's a healthy Balance Sheet. What makes you think the price will drop further?
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
kingJ
129 posts
Posted by kingJ > 2023-04-03 10:35 | Report Abuse
I think last q the company has done and expensed the necessary upgrades/repairs/maintenance. As such this q will be a good q.