1. INTRODUCTION 

The Board of Directors (“Board”) of Icon Offshore Berhad (“ICON/Company”) wishes to announce that the Company has on 28 February 2022 submitted its unaudited 4th quarter results ended 31 December 2021 (“4Q2021 Results”) to Bursa Malaysia Securities Berhad (“Bursa Securities”).

The Company has on 29 April 2022 submitted its Audited Financial Statements for the financial year ended 31 December 2021 (“AFS 2021”) to Bursa Securities.

2.DEVIATION BETWEEN UNAUDITED RESULTS AND THE AUDITED FINANCIAL RESULTS

In compliance with Paragraph 9.19(35) of the Main Market Listing Requirements of Bursa Securities, the Board of The Company wishes to inform that there is a deviation of 11.3% between the Group’s profit after tax and non-controlling interest as stated in the 4Q2021 Results announced on 28 February 2022 and the AFS 2021. The deviation is reconciled and explained as follows :

The reconciliation between the 4Q2021 Results and the AFS 2021 are as follows :-

Adjustment on Charter Hire Revenue

Adjustment was made to reduce the revenue recognised during the financial year to reflect the actual contracted Daily Charter Rates which have not be factored in during the preparation of the unaudited results.

Adjustment on Costs of Sales and Administrative Expenses

Adjustment was made to recognise the additional Costs of Sales and Administrative Expenses which were incurred during the financial year of RM0.5 million and RM0.2 million respectively. This is mainly due to under-accruals made in the unaudited results.

Adjustment on Taxation

The adjustment is mainly due to recognition of deferred tax expenses arising from identification of additional temporary differences in relation to capital expenses, in accordance with the requirement of MFRS 112 “Income Taxes”.

The announcement is dated 20 May 2022.