Business Overview

7. BUSINESS 7. BUSINESS 7.1 Overview We are the largest pure-play OSV provider in Malaysia and one of the largest in Southeast Asia in terms of number of vessels, according to the Infield Report. We are involved solely in the operation of OSVs as we are of the view that such business model will allow us to strategically focus on a segment within the oil and gas value chain which has one of the highest profit margin and low execution risk. The fleet available for charter by our Group are equipped with technologically advanced equipment and machineries to provide a wide range of logistical support services throughout the entire offshore oil and gas project life cycle. Our vessels can be used for a wide range of services including seismic survey, drilling operations support, towing, anchor handling and mooring of barges, repair and maintenance support, accommodation facilities for personnel and transportation of personnel and supplies to platforms. The table below shows the life cycle of an offshore oil and gas project and illustrates how our customers may make use of the vessels available for charter by our Group in the various field development stages throughout the oil and gas project life cycle: Offshore oil and gas project life cycle Exploration and appraisal  Field development  Operation and maintenance  Decommissioning  :e “”‘c i o c. c. o­c: ‘”E ~ C. 2; i); o  ‘? Appraisal wells commissioned to assess the potential of any discovery made during the exploration phase ‘? Flow rates assessment OSVs used to support drilling units by performing positioning duties, towing them into place, handling anchors, performing supply runs  ‘? Pre-FEED!1! and FEED studies ‘? Detailed engineering ‘? Fabrication and procurement OSVs deployed to support installation vessels and the towing and positioning of infrastructure and perform supply runs as well as to provide safely standby and emergency rescue services  ‘? Enhanced oil recovery ‘? Brownfield development and injection wells ‘? Working over existing wells OSVs primarily used for support of production infrastructure, supply runs and transport of personnel as well as stand by vessels  OSVs are equipped to provide support for removal of infrastructure ‘? The decommissioning of end-of-field infrastructure ‘? Re-usel dispose recyclel  AHT/AHTS  .,j  .,j  .,j  .,j  SSV  .,j  .,j  .,j  .,j  UV  .,j  .,j  .,j  .,j  PSV  .,j  .,j  .,j  .,j  Note:  OJ  Front-end engineering and design.
7. BUSINESS (Cont’d) We also provide ship management services to third party vessel owners. We are a Malaysia­based OSV provider and all of our vessels are Malaysian-flagged. As at the LPD, there are 32 vessels available for charter by our Group comprising of 30 vessels that we own, one AHTS on a bareboat charter to us which we expect to acquire by early June 2014 but is currently used as a forerunner vessel for one of our long-term charter contracts and one AWB on a bareboat charter to us which we expect to acquire by end June 2014. Our business strategy is to focus on the OSV market in Malaysia and Southeast Asia which we believe has enabled us to maintain a track record of strong earnings growth and high operating margins. From the year ended 31 December 2011 to 31 December 2013, our revenue, Adjusted EBITDA and adjusted profit after taxation increased at a CAGR of 21.6%, 18.5% and 19.6%, respectively whilst our adjusted profit after taxation margins increased from 19.6% to 26.7%. As at the LPD, we have an order book of RM502.4 million and certain of our contracts have an extension option with a potential contract sum totalling RM197.8 million. Please refer to Section 12.2.3(iii) of this Prospectus for further information regarding our order book. As at the LPD, 20 vessels of the fleet available for charter by our Group are under long-term charter (for a duration of 12 months or longer, including optional extensions). The average duration of our long-term charter contracts is approximately 4.4 years. Our ability to secure long-term charter contracts for the majority of our vessels provides us with long-term cash flow stability and earnings visibility. The composition of our current fleet and our planned newbuilds as at the LPD are as follows: AHTIAHTS SSV UV PSV AWB FeB Current fleet 24 4 2 1 1 ~*~~~.~~~~~~~~~~~.~.~.~.~~~.*.~.~ ~.~.~.~.~.~~~~~.~”~ ~.~~~~~.~.~~~~~~U.S.~.~.~.~.~.~llie.~~M.~.~~~.” Newbuilds 2 2 2 under construction or in final ne90tiation to have constructed ~~~~~.~~~~~.~.~~~.~.~.~.~.~.~~~.~~~.~~~~~.*~~.~*~.AAW~~ ~.~.~~~.~~~~~~~~~~~.~.~~~.~~~~~~n ~*~~~~~~~” Average age 4.8 7.5′ 7.5 1.0′ 1.0 ~~.S¥~~.r;l~~AA~.~*~.~~~~~~~~~.~~~~~.~.~~~~.~~~re~~.~~~.~~~.#~~~~~*~~~~~~~s~~~~~~.~~~~~~~.ex~~~~~~~.~, Specifications  BHP:  BHP:  BHP:  DWT: 3,500  Accomodation  Passenger  3,200 to  5,110  3,500  tonnes  capacity: 200  capacity:  8,000  Accommodation  40

Note: The average age of our PSVlSSVs is approximately 6.2 years which is computed based on the total age of the vessels over number of vessels. We have a relatively young fleet, with an average age of approximately 5.0 years as at the LPD which is lower than the Southeast Asia industry average of 11.2 years, according to the Infield Report. As at the LPD, the average age of our AHT/AHTSs and PSV/SSVs of approximately 4.8 years and 6.2 years respectively is lower than the Southeast Asia industry average of 7.3 years for AHT/AHTSs and 17.0 years for PSV/SSVs, according to the Infield Report. We believe that maintaining a young fleet leads to cost efficiencies in terms of lower maintenance and operating costs. Furthermore, our young fleet which is equipped with up-to­date technology and equipment allows us to better meet our customers’ requirements, be more competitive in securing long-term contracts and attract highly skilled crew. Our principal market is Malaysia but we also operate vessels in other parts of Southeast Asia and the Middle East. As at the LPD, our vessels are operating in Malaysia, Thailand and Qatar. Historically, our vessels have operated in other countries such as Vietnam, Indonesia, Egypt, Iraq, the UAE, India, Myanmar, Saudi Arabia and Australia. 7. BUSINESS (Cont’d) ..gYPI “‘dia ! ! ..anmar ! , “‘hailand
!
!J j l~¥;’11l J;AE Saudi Arabia I1JIndonesia ~ ICON vessels …, available lor
.. charter Australia ICON experience We are licensed by PETRONAS to provide OSV services, allowing us to participate in all tender calls and quotation requests issued by PETRONAS Carigali and other PSC contractors. Furthermore, as a Malaysian group, we benefit from Government policies (including cabotage laws) meant to give preference to Malaysian-flagged vessels. We believe that our local identity and our Malaysian-flagged vessels coupled with our strong operational experience provide us with an advantage over our international competitors within Malaysia. Our customers are primarily companies in the offshore oil and gas industry that charter our vessels for the various stages of their projects. In addition to PETRONAS Carigali, we provide or have provided services to a number of well-known companies in the oil and gas industry, both domestic and international, including affiliates of SapuraKencana Petroleum Berhad, Shell, A.P. Moller -Maersk Group, Exxonmobil, Petrofac Limited, Newfield Exploration Company and Hess Corporation. We have a joint venture arrangement with FOB SWATH, an affiliate of Odfjell, a Norwegian­based company engaged in shipping and OSVs, to operate ICON-FOB which will commission ship builders for the construction of FCBs and thereafter, lease the FCBs which are equipped with proprietary technology that enables them to travel at faster speeds as well as enable crew transfers between the boat and offshore platforms to be undertaken in an expeditious and safer manner, compared to crew transfers involving conventional crew boats. Pursuant to the joint venture agreement dated 27 January 2014 between ICON Fleet and FOB SWATH, FOB SWATH shall, inter alia, provide technical expertise in respect of the FCBs after delivery from the shipyard to ensure smooth, efficient and safe operation of the FCBs. 7. BUSINESS (Cont’d) 7.2 Competitive strengths We believe that our position as a leading OSV operator in the Malaysian and Southeast Asia offshore oil and gas industry is primarily attributable to our competitive strengths. 7.2.1 Fast growing and largest pure-play OSV provider in Malaysia and one of the largest in Southeast Asia We are the largest pure-play OSV provider in Malaysia in terms of number of vessels, according to the Infield Report. As at the LPD, the fleet available for charter by our Group comprises 24 AHT/AHTSs, four SSVs, two UVs, one PSV and one AWB. According to the Infield Report, our market share of the Malaysian OSV industry for AHT/AHTSs and PSV/SSVs is approximately 16% and 9% respectively based on the number of operational vessels in Malaysia in 2013. To-date, we have focused on shallow water tender opportunities where the vast majority of Malaysia’s operational offshore infrastructure is located, offering a combination of strong and stable earnings visibility with an appropriate risk profile. ICON’s fleel groWlh (1) 32 2005 2006 2007 2008 2009 2010 2011 2012 LPD
Note: “, As at 31 December of the respective years. The number of vessels in the chart above represents the vessels available for charter by both ICON Ship and the ICON Fleet Group since 31 December 2005 given that ICON Ship took delivery ofits first vessels in 2005. The fleet available for charter by our Grou p has grown at a CAGR of 41.4% from just two vessels in 2005 which represents the vessels owned by both ICON Ship and the ICON Fleet Group since 31 December 2005 given that ICON Ship took delivery of its first vessels in 2005, to 32 vessels as at the LPD. 7.2.2 A highly profitable OSV provider Our business focus and strategy in Malaysia’s and Southeast Asia’s OSV industry have resulted in strong revenue and earnings growth as well as high operating margins underpinned by a robust OSV market in Malaysia and Southeast Asia which continues to be large and fast-growing.
7. BUSINESS (Cont’d) Revenue Adjusted EBITDA (in RM’ million) (in RM’ million) 2011-2013 CAGR; 21.~ 2011-2013 CAGR; ______–334.9 -291.7′ Year ended Year ended Year ended 2011 2012 2013
Note: Based on pro forma consoUdated statements of comprehensive income. Our revenue has increased at a CAGR of 21,6% from the year ended 31 December 2011 to the year ended 31 December 2013 as a result of high average utilisation rate of 86.5% and increase in the number of vessels available for charter from 23 as at 31 December 2011 to 31 as at 31 December 2013. Our Adjusted EBITDA also increased at a CAGR of 18,5% from the year ended 31 December 2011 to the year ended 31 December 2013. Our track record of delivering high profitability is evident in our higher Adjusted EBITDA margin of 57.2% as compared to our peer average of 41.0% for the year ended 31 December 2012 (Source.’ Infield Reporl). Please refer to Section 12 of this Prospectus for further information on our financial information. Our higher profitability margins relative to the majority of our competitors both in Malaysia and Southeast Asia are primarily driven by (i) our high utilisation rates, which in turn are attributable to the quality and young age of the fleet available for charter by our Group; (ii) our competitive cost structure which is a result of our operational and business process efficiencies as well as our strategic base in Malaysia; and (iii) our effective fleet management strategy, including the use of MATS and BASSnet fleet management software, as detailed in Section 7.21 of this Prospectus. In addition, we are also able to enJoy higher profitability margins compared to the majority of our foreign competitors or foreign-flagged vessels due to the barners to entry in Malaysia, including the need for PETRONAS licensing and favourable cabotage laws which ensures a market share for the domestic companies. Further details of Malaysian cabotage laws are set out in Seclion 7.22.2 of this Prospectus. In spite of the strong growth of our vessel fleet, we have been able to maintain high average utilisation rates for our AHT/AHTSs and PSV/SSVs of 86.2% and 94.1 % respectively in 2013, compared to the average utilisation rate for AHT/AHTSs and PSV/SSVs In Southeast Asia of 82.0% and 78.0% respectively in 2013 (Source: Infield Report). Please refer to Section 12.2.3 (iii) of this Prospectus for details of the computation of our utilisation rates.
7. BUSINESS (Cont’d) AHTIAHTSs average utilisation rates for 2013 86.2%
ICON Source: Infield Report PSVlSSVs average utilisation rates for 2013 94.1%
ICON Source: Infield Report Historically, the quality and composition of our fleet, including our focus on shallow water OSVs, has contributed to our high utilisation rates given the robust activity levels in Malaysia’s shallow water 011 and gas projects which we expect to remain high over the next few years. We continuously monitor and review our fleet composition, including deepwater vessels, in such a way that we are able to capitalise on new business opportunities. Our leading position as the largest pure-play OSV provider in Malaysia in terms of number of vessels and our industry-leading operating efficiencies in terms of utilisation rates differentiate us from our competitors, position us well for sustainable growth and enable us to navigate better through periods of volatility in the oil and gas markets.

7. BUSINESS (Cont’d) 7.2.3 Young and versatile fleet as well as international track record A fleet of young and modern OSVs gives us a competitive advantage in securing contracts for our vessels and in attracting and retaining highly skilled marine crew. In addition, newer or relatively young vessels generally have lower operating and maintenance costs, are more fuel efficient and have higher utilisation rate as they are less prone to breakdowns. Newer or relatively young vessels are also equipped with the latest equipments and machineries which are in compliance with the latest statutory, environmental and requirements of classification societies. Our experienced team manages and operates our full range of vessels with great care and caution. Timely maintenance and regular servicing ensure that the vessels are in good working condition to be able to assist in fulfilling clients’ needs and demands. The fieet available for charter by our Group as at the LPD has an average fleet age of approximately 5 years which is lower compared to the Southeast Asia industry average of 11.2 years. As at the LPD, the average age of our AHT/AHTSs and PSV/SSVs of 4.8 years and 6.2 years respectively, is lower than the Southeast Asia industry average of 7.3 years for AHT/AHTSs and 17.0 years for PSV/SSVs (Source: Infield Report). Average age of fieel AHTIAHTSs as al 31 December 2013 10.3 years 7.3 years

ICON Malaysia Southeast Asia Global Source: Infield Report Average age offleel PSV/SSVs as at 31 December 2013
18.0 years17.0 years
Malaysia Southeasl Asia Global 7. BUSINESS (Cont’d) In addition, our diverse portfolio of OSVs enables us to be versatile and provides a wide range of services throughout the offshore oil and gas project life cycle. Please refer to Section 7.5.1 of this Prospectus for a full spectrum of the scope of services provided by our OSVs within the oil and gas life cycle. We have, over the years, expanded our vessel deployment footprint from our origins in Malaysia to over 10 countries in the Southeast Asia and Middle East regions. Internationally, our OSVs operate or have operated in oil and gas markets such as Thailand, Qatar, Vietnam, Indonesia, Egypt, Iraq, the UAE, India, Myanmar, Saudi Arabia and Australia. Our technical advantages and established international track record provide us with the flexibility and ability to operate across boundaries and to capitalise on the expected growth in demand for offshore services in the Southeast Asia and Middle East regions while continuing to focus on the highly attractive Malaysian market. 7.2.4 Strong order book providing long-term cash flow stability and earnings visibility As at the LPO, we have an order book of RM502.4 million and certain of our contracts have an extension option with a potential contract sum totalling RM 197.8 million over the entire duration of the extension option period. The order book consists of contracts from a wide range of customers, including NOCs such as PETRONAS Carigali and laCs such as Sarawak Shell Berhad/Sabah Shell Petroleum Company Limited, Exxonmobil Malaysia, Maersk, Newfield Peninsular Malaysia Inc., Petrofac (Malaysia-PM304) Limited and CPOC. Firm contract period Optional extension period Owned Contract Contract Remaining Potential vessels period expiry contract sum Option Period contract sum (RM’OOOj (RM’OOO) AHT 120 days to 3 Between 31,767 120 days to 1 5,840 years 2014 and year 2018 AHTS{1J 1 month to 5 Between 371,099 1 month to 5 134,152 years 2014 and years 2018 SSV 180 days to 5 Between 85,471 180 days to 1 47,239 years 2014 and year 2018 PSV/UV 90 days to 3 2014 10,246 60 days to 2 7,250 years years Subtotal 498,583 194,481 Third party 3 years 2015 {2J3,767 1 year {2J3,285 vessels Total 502,350 197,766 Notes: Includes contract for one AHTS which we operate on a bareboat charter and expect to acquire by early June 2014. (2) Represents the contract sum net of the charter-in cost, which will be recognised as revenue. 110 7. BUSINESS (Cont’d) 89.1% of our order book consists of long-term contracts (Le. more than 12 months) which provides for long-term earnings visibility and cash flow stability. In particular, some of our long-term contracts for our AHT/AHTSs and SSVs only expire in 2018. The fleet available for charter by our Group and our contracts are dynamically managed which allows us to optimise our fleet utilisation and capitalise on rising OSV day-rates. For instance, we maintain a certain number of vessels on spot charters to provide us with the flexibility to deploy and mobilise as a replacement for other vessels on long-term contracts that are due for drydocking. This minimises the need to charter-in third party vessel as a replacement and hence, reduce our cost. It will also allow us to better capitalise on the positive outlook of average day rates for AHTSs and PSV/SSVs, which Infield expects to see an increase in rates between 2013 and 2019. 7.2.5 Well-positioned to benefit from robust Malaysian and Southeast Asian oil and gas industry outlook underpinning strong demand for OSVs Our leading market position as the largest pure-play OSV provider in Malaysia in terms of number of vessels coupled with our extensive experience will enable us to benefit from the anticipated increase in upstream activity and spending in the Malaysian and the wider Southeast Asian oil and gas industry. Offshore exploration and production capital expenditures are estimated to grow at a CAGR of 4.3% in Southeast Asia (including Malaysia), over the period 2013 to 2019, according to the Infield Report. In particular, we expect demand for the fleet available for charter by our Group to be underpinned by (i) PETRONAS’ capital expenditure plan over the next five years, where 89.8% or US017.6 billion is planned to be spent on shallow water projects; (ii) vessel owners docking their older vessels which offer more opportunities for our newer vessels to be utilised; and (iii) increased replacement of foreign-flagged vessels by Malaysian-flagged vessels, particularly high-end vessels (Le. FPSO, OSV). The operational base of platforms is a key driver for the demand for our PSV and SSVs. Southeast Asia is expected to have 2,044 platforms operational by the end of 2019, up from 1,795 in 2013. Malaysia is expected to contribute 45% of the increase in the number of operating platforms with its total operating platforms expected to increase to 519 platforms by end of 201 g from 406 platforms in 2012 (Source: Infield Report). In addition, the bulk of our AHT and AHTS work is associated with the support of drilling rigs, which in turn are engaged in offshore exploration drilling, appraisal and development wells. According to the Infield Report, the historical co-relation between the number of drilling rigs and the demand for OSVs has been relatively strong, and is expected to remain so during the period of 2014 to 2019. 7. BUSINESS (Conl’d) Global Rig to OSV ratio  780  ——————­ —–­ 0.35  760 740  \  0.30 0.25 ,g ~
720

 

0.20 ~ 700 0.15 .8 0.10 ~680 660 0.05 640 p ……..JJlLLJLIJILLLLLLAJ………,”-“LL.LLJLLJLlJlLl’rILLlLLlLLLLL'”t 0.00 >-“‘5 ~ 0> :c m >'”S 0. >C (0 >.”S 0. > ~c”, m “,>-:; Co
~ ….., :::. z ,(0 ~ m –, Q.l 0 ~ “””‘= m ….., <D 0 ~ –, .0:::: ‘n ;’.0::::::2 cnZ -.0:::::::2 cnzl:2,o:::;”‘ ~I 2010 2011 I 2012 I 2013 -Operatioral Rigs -Rig to OSV Ratio Source: Infield Report Overall, the continued high level of investment on the back of a very active 2013, during which offshore capital expenditures in Malaysia increased by 45% to USD4,896 million in 2013 from USD3,362 million in 2012 is expected to provide a considerable opportunity to OSV service providers within the Malaysian market (Source: Infield Report). As the largest pure-play OSV provider in Malaysia, we are well-positioned to benefit from the projected increase in offshore capital expenditures in Malaysia. 7.2.6 Ability to better capitalise on high barriers to entry for foreign OSV providers in Malaysia due to strict licensing and cabotage requirements As a Malaysian-based company, we benefit from any government policies which give preference to Malaysian oil and gas asset owners and operators. While robust grow1h is expected in the offshore oil and gas industry in Malaysia, there are high barriers to entry into the Malaysian OSV industry, specifically the need for PETRONAS licensing and cabotage requirements. We believe we are well-positioned to leverage off PETRONAS licensing and Malaysian cabotage requirements in bidding and winning contracts against foreign companies. We currently possess the necessary PETRONAS licence for the provision of OSVs in Malaysia. This provides us with a competitive advantage as it enables us to participate in all tender calls and quotation requests issued by PETRONAS Carigali and its PSC contractors for the segment of activity stated in the licence. Cabotage laws in Malaysia may give us an advantage in the Malaysian market over foreign competitors or foreign-flagged vessels. The operation of vessels in Malaysian waters is governed by the MSO. Pursuant to the MSO, all vessels carrying domestic shipping activities in Malaysian waters must hold a Domestic Shipping Licence issued by the Domestic Shipping Licensing Board. The MSO purports to reserve the national trade in domestic waters for Malaysian owned companies and Malaysian-flagged vessels, explicitly prohibiting non-Malaysian vessels from engaging in domestic shipping activities. The increasing usage of local-flagged vessels will provide distinct opportunities for local players, such as us, to increase our market share at the expense of foreign operators. All of our vessels are Malaysian-flagged. Infield reported that 56% of AHT/AHTSs and 66% of PSV/SSVs that are operating in Malaysia are Malaysian-flagged. Soaring demand and limited competition (due to stringent cabotage rules) will likely continue to support the high day-rates for our Malaysian vessels. Our local presence coupled with our strong operational track record provides us with a strong advantage over our international competitors within Malaysia. 7. BUSINESS (Cont’d)
7.2.7 Established relationships with high quality customers and shipyards We have been active in the OSV industry since 1994. Owing to our quality service and reliability, we have established a good track record which provides us with an edge in retaining our present pool of customers as well as attracting new customers. We have relationships with major oil and gas companies or their affiliates such as PETRONAS Carigali (g years relationship), whose parent company, PETRONAS, has a credit rating of A1 (Moody’s rating). Other companies include (i) Exxonmobil Malaysia (8 years relationship), whose parent company ExxonMobil has a credit rating of Aaa (Moody’s rating), (ii) CPOC (5 years relationship), whose ultimate holding companies namely, PETRONAS and PTT Exploration & Production Public Company Limited, have credit ratings of A1 and Baa1 (Moody’s rating) respectively, (iii) PTSC (4 years relationship), (iv) Geokinetics Inc. (4 years relationship), (v) TLO (5 years relationship) and (vi) Maersk (3 years relationship) whose parent company has a credit rating of Baa1 (Moody’s rating). Our Company has relationships with shipyards across Southeast Asia like Muhibbah Marine Engineering Sdn. Bhd., Malaysia Marine and Heavy Engineering Holdings Berhad, Coastal Contracts Bhd., Nam Cheong Limited, Otto Marine Limited, Guangzhou Shunhai Shipyards Ltd., Sapor Shipbuilding Sdn. Bhd., Grade One Marine Shipyard Sdn. Bhd. and Labuan Shipyard & Engineering Sdn. Bhd. Vessel maintenance and repair can be done in various parts of Southeast Asia depending on the location of the vessel at that time and thus potentially saving fuel. In addition, our relationships with shipyards allow us to obtain favourable pricing and access to yard space even during periods of high demand so as to avoid fleet planning and scheduling disruptions.
7.2.8 Excellent HSE track record Our Group maintains comprehensive HSE practices across our entire fleet to ensure the safe operation of our vessels and the prevention of pollution so as to provide an injury and incident-free work environment. The HSE track record of vessel providers is an important criterion for customers when awarding a charter contract. The lack of an established HSE track record can also be a significant barrier to entry for potential com petitors. We have a strong commitment to maintain high HSE standards. This commitment is reflected in the numerous awards received by our Group in 2014, among others, an award for outstanding HSE performance and dedication for achieving 3,000,000 man hours without lost time incident from PETRONAS Carigali, and the “41h Quarter 2013 Marine Business Partner Award in Recognition of Safety Reliable Operations” and “2013 Safety Recognition Award” from Exxonmobil Malaysia. In 2013, we received, among others, the “Best Marine Vessel Contractor” award for HSE from PETRONAS Carigali and an award for outstanding safety performance for two years for operating without a lost workday from Maersk. Please refer to Section 7.4 of this Prospectus for further details of the awards that we have received. As at 31 December 2013, our Group has achieved over 14.9 million man hours with zero Lost Time Injury (“LTI”) since our last LTI on 27 May 2007. We have also managed to reduce the number of HSE incidents from 21 incidents in 2012 to 16 incidents in 2013 and improved our Total Recordable Incident Case Frequency (“TRICF”) from 1.06 in 2012 to zero TRICF in 2013. We have also established the Safety Awareness Coaches programme as we seek to uphold our HSE track record and maintain our zero TRICF.
7. BUSINESS (Cont’d) We also have strict HSE and security policies in place which include a HSE policy to provide safe and healthy working conditions on vessels and premises, a Safety Management System Policy to maintain safe and reliable operations of ships and environmentai impact, a Stop Work Poiicy to pursue the goal of “no harm” to people, properties and environment, and iastiy, a Drug and Alcohol Policy to maintain a safe, healthy and conducive environment for all personnel. We beiieve that our track record in HSE has and will continue to distinguish us from our competitors when tendering for new contracts. 7.2.9 Experienced management team with proven execution track record We have a highly-qualified management team with experience in various senior leadership and operational positions in the oil and gas and other industries. Our management team’s significant industry experience both in Malaysia and/or internationally enhances our ability to effectively operate on an international basis and will continue to playa key role in the further success and growth of our Group. Our Group is headed by Dr. Jamal bin Yusof @ Gordon Duclos, our Chief Executive Officer, who was the co-founder and Managing Director of OMNI (now known as ICON Fleet). Dr. Jamal bin Yusof @ Gordon Duclos has over 17 years of experience in the OSV industry. He is currently the President of the Malaysian OSV Owners’ Association. Our Chief Corporate Officer and Deputy Chief Executive Officer, Hassan bin Ali, who was the former Chief Executive Officer of TKS (now known as ICON Ship), has over 38 years of experience in the marine transportation industry, working with Malaysia International Shipping Corporation Berhad (now known as MISC Berhad), PETRONAS Carigali, Malaysian Maritime Academy, Orient Overseas Container Line (Malaysia) Sdn. Bhd. and Gugusan Maritime Sdn. Bhd. Our Chief Operations Officer, Rahman bin Yusof, has over 32 years of experience in the marine transportation and shipbuilding industry working with, among others, PETRONAS Tankers Sdn. Bhd. and Malaysia International Shipping Corporation Berhad (now known as MISC Berhad) and in countries like France, Japan and Korea. Currently, Rahman bin Yusof is a member of the Bureau Veritas South East Asia’s Technical Committee and a member of the technical advisory committee for the marine industry with Ships Classification Malaysia. Our Chief Financial Officer, Zaleha binti Abdul Hamid, is responsible for overseeing finance, IT, corporate finance and strategy functions of our Group. She has approximately 16 years of experience in audit and finance functions. Zaleha binti Abdul Hamid is well-versed with the operations and structure of our Group, haVing oversaw the completion of the Strategic Consolidation. Please refer to Section 9.2.1 of this Prospectus for the profiles of our key management. 7″ BUSINESS (Cont’d)

7.3 Future plans and strategies 7.3.1 Revenue growth through selective fleet expansion, diversification and renewal programmes to capture market opportunities We intend to pursue our fleet expansion, diversification and renewal programmes to dnve our revenue growth. We continuously manage our fleet portfolio in order to achieve an optimal fleet size and fleet composition. Our fleet expansion programme reflects our strategy to consolidate our leading position in shallow water operations within the OSV space with a selective expansion Into deepwater operations. ICON fleet renewal and shipbuilding plan as at the LPD 39 38 34 32 –

 

LPD psv FCB FY2014 AHTS AWB FY2015 psv 102016 OlIIAHT/AHTS iJSSV ;;;uv ::psv QAWS flFeB Note: The chart does not take into account any future disposats of vessels. Fieet size by type as at the LPD Expected fleet size by type by 1Q 2016 PSV AWB FeBAWBUV 3.1% 31% 26%
7,7% 3932 AHT/AHTSAHT/AHTS SSV66.7% 75.0% 103% Note” The chart above does not take into account any Note” The chart above does not take into account any future disposals of vessels, future disposals of vessels, 7. BUSINESS (Cont’d) We have six vessels which are currently under construction which include two AWBs (expected delivery in 10 2015 and 30 2015 respectively), one PSV (expected delivery in 402014), one FCB in connection with a joint venture with FOB SWATH, an affiliate of Odfjell (expected delivery in 40 2014) and two AHTSs (expected delivery in 30 2015). The delivery of our new vessels will allow us to further strengthen our order book going forward. By continuing to expand our fleet size, we will be able to provide our customers with a diversified range of value-added services across the offshore oil and gas project life cycle. As part of our fleet renewal programme and in order to move up the OSV value chain, in line with the review of our business plan in consequence of the Strategic Consolidation, we expect to replace some of our lower specification vessels with vessels that have greater engine capacity and which are equipped with OP capabilities to ensure that our fleet is up-to-date and that we have the capability to operate in harsher environments and deeper water conditions, if required. We believe that maintaining a younger fleet comprising OSVs with such technical capabilities will improve the marketability of our fleet and also ensure that our current high utilisation rates remain stable over time. In accordance with this strategy, we disposed of one non-OSV as well as one UV and one AHT with lower specifications in 2013 and one AHT on 25 March 2014, but we had also acquired five new 5,150 BHP AHTSs with OP1 and OP2 systems in 2013, one 3,500 OWT PSV in 2013 and one AWB in 2014. We continue to selectively diversify our OSV fleet composition with the addition of two new AWBs to be delivered in 2015 as we continue to manage our fleet according to our customers’ requirements and capture the growth in the OSV space. 7.3.2 Consolidate our position in shallow water space whilst selectively expanding into deepwater projects We intend to continue to focus primarily on shallow water opportunities as these contracts will deliver high earnings visibility with low execution risk. This strategy reflects where we believe the major opportunities are and is supported by PETRONAS’ capital expenditure plan over the next five years where significant amounts are planned to be spent on shallow water projects. Notwithstanding this, we will selectively expand our fleet with deepwater capabilities to ensure that we can continue to service the requirements of our customers and have the fleXibility to participate in the growing deepwater market. Most of the vessels that are currently under construction and those that we are in final negotiations to construct are designed to be powered and fitted with the latest technology such as OP2 systems, diesel electric engines and/or higher BHP engines. These vessels will provide US with the flexibility to meet the different needs of our customers and to capitalise on new growth opportunities such as tendering for deeper water projects in Malaysia as well as projects in other countries. According to the Infield Report, much of the forecasted 2013 to 201 g Malaysian offshore upstream capital expenditure is to be directed towards the development of pipeline and platform infrastructures which are being installed to exploit the country’s shallow water reserves. However, a CAGR of 6% over the period 2012 to 2018 is expected in deepwater expenditure, leading to an increased investment in the floating platform, control line and sub-sea production markets particUlarly towards the latter part of the forecast period. To capitalise on this, we plan to build two deepwater 10,930 BHP AHTSs which are expected to be delivered in 2015. We believe that there are relatively few Malaysian companies currently active in the deepwater OSV segment which strengthens our good position to capitalise on opportunities from this segment. 7. BUSINESS (Cont’d) 7.3.3 Focus on delivering strong earnings visibility and growth supported by robust financial discipline Our current strategy is to focus mainly on long-term contracts with customers. Moving forward, we intend to continue to maintain a greater proportion of our order book in the form of long-term contracts which provide secured revenues with a mix of short­term contracts which allows our Group to capture potential earnings upside from short-term charter rates. A high proportion of long-term contracts will enable us to continue to generate high earnings and maintain cash flow visibility. As at the LPD,

89.1 % of our order book consists of long-term contracts. After our IPO and with the use of part of the proceeds to retire a portion of our debt, we expect our balance sheet to be robust and well-capitalised to fund our expansion plan. We continue to focus on prudent financial management to ensure good liquidity via optimising the working capital cycle and to continue avoiding off-balance sheet financing structures. In addition, we Intend to explore options to reduce our cost of financing. 7.3.4 Enhance crew and management capabilities by developing top talent in-house through a performance driven culture and establishing ICON as an employer of choice Based on an extensive Competency Framework and Training Needs Analysis conducted in 2013, we have identified core focus areas for staff training and development, and we intend to continue to invest in staff training and development going forward. We have also established the IMTC which aims to enhance the skills of our offshore mariners as well as to address the gap in skills between offshore and non-offshore mariners by developing a syllabus and providing training necessary for mariners to operate effectively and safely in our offshore operations. Through the ICON leadership programme, we intend to develop our next generation of leaders from our own ranks. Our aim is to appropriately reward high performances by our staff and we have implemented group-wide key performance indicators to assess staff performances semi-annually. We have put in place performance-based bonus plans and other incentives to recognise high performers. We continue to monitor our compensation plans to ensure that pay levels are aligned with industry standards and we are adopting market practice for staff compensation and benefits plans. We believe that we are moving in the right direction to becoming the employer of choice given our ability to retain marine crew. We measure this through the returning rate (total marine crew returns to work for our vessels over the total marine crew on duty). The marine crew signs on and off on each vessel on a periodic basis, generally every three months. A higher returning rate indicates less of a need to recruit new crew. Based on our manning team records, we have historically achieved high returning rates. From 1 January 2014 up to the LPD, our returning rate was approximately 88.4% to 91.0%, for the year ended 31 December 2013, our returning rate was approximately 84.3% to 91.0%, and for the year ended 31 December 2012, our returning rate was approximately 72.0% to 95.0%. 7. BUSINESS (Cont’d) 7.3.5 Harness cost synergies through economies of scale and improve operational and business process efficiencies In 2013, we achieved significant cost savings from cost synergy initiatives relating to our vessel operations, such as the introduction of bulk purchasing agreements, among others. We also streamlined our practices for ship repairs, maintenance and dry docking, and established the Special Action Team to assist in achieving a quicker turnaround time for maintenance and repairs. Our implementation of the MATS and BASSnet fleet management software enables us to optimise our vessel management systems for our customers. MATS assist the Special Action Team to identify repairs and maintenance and is connected to our procurement team. Going forward, we aim to capitalise on the Special Action Team and use of MATS in order to further improve our operational costs. We will continue to focus on ensuring our maintenance requirements are met in the most cost-effective manner possible. This entails maximising the maintenance services procured in-house as well as ensuring that the optimum maintenance timeframe is achieved against the maintenance costs that we incur by monitoring the man-hours that have been utilised for each repair work carried out, all of which is critical to the continued growth of our fleet size. We have installed BASSnet, a modular software that provides integrated solution covering all main areas of vessel operations, on 17 of our vessels. We will continue to implement BASSnet on all of our vessels in order to introduce dashboard reporting and payroll administration based on BASSnet. In addition, we are also planning to further invest in IT infrastructure and software. For example, we intend to invest in a new accounting system with higher capabilities for timely reporting and data mining capabilities and timely information to ensure efficient use of cash on hand. The implementation of MATS and BASSnet will have a positive impact on our cost structure and profitability. We are currently working with a few prominent Malaysia-based shipyards for drydocking to ensure the availability of yard access. This should enable us to achieve further efficiencies in our drydock scheduling and reduce our reliance on third party replacement vessels whilst our vessels are dry-docked. We will also continue to maintain and establish good relationships with other shipyards to ensure the timely delivery of new orders as well as to procure favourable funding terms with the shipyards. Close tracking and monitoring of fuel consumption is also being introduced to further enhance our reputation with end customers and to ensure greater efficiencies. 7.3.6 Introduce new technologies through joint ventures and grow further through opportunistic acquisitions of new technologies We have a joint venture arrangement with FOB SWATH, an affiliate of Odfjell, a Norwegian-based company engaged in shipping and OSVs, which will focus on the development of new vessel technology. In particular, the joint venture is working on a design for a FCB equipped with proprietary technology which will allow the vessel to travel at faster speeds as well as enable crew transfers between the boat and offshore platforms to be undertaken in an expeditious and safer manner. We expect the delivery of our first FCB equipped with this proprietary technology by 40 2014. We intend to intensify our marketing efforts in order to build a reputation as an OSV technology leader in the region. We will continue to seek opportunities to enter into further joint ventures similar to our joint venture arrangement with FOB SWATH, an affiliate of Odfjell or acquire similar businesses on an opportunistic basis in order to grow our business. 7. BUSINESS (Cont’d)
7.3.7 Continuous effort to maintain our high HSE standards A good HSE track record is a key selection criteria imposed by all of our customers. We will continue to improve our HSE performance through our framework of procedures, emergency drills, practices and standards to prevent, identify, organise, and control potential hazards in a proactive manner. This includes key safely system elements such as management and empioyee training, inspections, safety and incident anaiysis, incident investigation, emergency preparedness, protective equipment, health controls, group meetings, promotion of safely culture, environmental protection as well as our Safely Awareness Coaches programme. To further improve our HSE performance, we will take concerted effort throughout our operations emphasising personal safely, identification of safety risks and the specification of critical control measures. We also conduct an annuai HSE day with staff, charterers, clients and suppliers in order to foster collaboration and ensure a seamless response in case of any emergency. To foster continuous HSE awareness, we wiil intensify our efforts to conduct taiior-made training at worksites. As we expand our business, we seek to deliver an exceptional customer experience. by consistently meeting or exceeding our customers’ expectations for operational performance that inciudes maintaining the highest HSE standards and eliminating workplace incidents and injuries, in line with the requirements of the NOCs and laCs.
7.4 History and key milestones Our Company was incorporated in Malaysia under the Act on 30 March 2012 as a private limited company under the name Kota Bayu Ekuiti Sdn. Bhd. and commenced its business on the same date. We were converted into a pUblic iimited company on 12 Juiy 2012 and assumed our present name on 25 October 2012. Our Group is a result of a strategic consolidation of two groups of pure-play OSV companies within Ekuinas’ portfolio, namely ICON Ship (formerly Tanjung Kapal Services Sdn. Bhd.) and the ICON Fleet Group (formerly Omni Petromaritime Sdn. Bhd. group of companies) under ICON. ICON Ship was the offshore marine arm of Tanjung Offshore, a company listed on the Main Market of Bursa Securities. TKS was established in 1994 and had commenced its OSV operations as an agent and a third party charterer. It took deiivery of its first two vesseis in 2005. Hassan bin Ali was appointed as Executive Director of TKS in 2005 and was SUbsequently redesignated as Chief Executive Officer of TKS in 2006. TKS’ vesseis previously operated in Malaysia waters as well as in Thaiiand, Vietnam and Myanmar. The ICON Fleet Group was previousiy headed by Dr. Jamal bin Yusof @ Gordon Duclos. He ventured further into the OSV business through OMNI Power which he co-founded in 2006 with the acquisition of its first vessel. As the Managing Director of the OMNI group of companies, Dr. Jamal bin Yusof @ Gordon Duclos was instrumental in establishing the ‘OMNI’ brand as a vessel owner and operator in Malaysia which SUbsequently expanded to other countries such as Vietnam, Indonesia, Egypt, Iraq, the UAE, India, Saudi Arabia, Qatar and Australia. Under his management, the ICON Fleet Group had established a diversified customer base with major oii and gas companies inciuding affiliates of PETRONAS, TLO, CPOC, PTSC, Geokinetics Inc., SapuraKencana Petroleum Berhad, A.P. Moller -Maersk Group, Exxonmobil, Petrofac Limited and Newfieid Expioration Company. Under his leadership, the ICON Fleet Group grew from a fleet size of three vessels to 12 vessels within a span of five years from 2008 to 2012. In fact, between 2011 and 2012, the ICON Fleet Group had also received several awards for its HSE performance. From the year ended 31 December 2011 to 31 December 2012, the ICON Fleet Group registered an increase in revenue and PAT of 35.3% and 70.5% respectively, although its fleet size only increased from 10 to 12 vessels over the same period. TKS registered an increase in revenue and PAT of 23.6% and 20.4% respectiveiy, with its fieet size increasing from 13 to 16 vessels over the same period. 7, BUSINESS (Cont’d) The strategic consolidation of ICON Ship and the ICON Fleet Group under our Company, leading to the formation of our Group, is a consequence of the following: (i) the acquisition of the entire issued and paid-up share capital of ICON Ship by our Company from Tanjung Offshore for a total cash consideration of RM220.0 million which was funded via a shareholders’ advance from E-Cap 1, a wholly-owned subsidiary of ECSB, which in turn is a wholly-owned subsidiary of YEN (“Shareholders’ Advance”) (“Acquisition of ICON Ship”). At the time of the Acquisition of ICON Ship, E-Cap 1 held 70,000,000 ordinary shares of RMO.50 each in Tanjung Offshore, representing 24.13% of its equity interest. The Acquisition of ICON Ship was completed on 20 July 2012, After the completion of the Acquisition of ICON Ship, E-Cap 1 had instructed ICON to issue 220,000,000 RCPS-i where the consideration for the issuance of the 220,000,000 RCPS-i was to be set-off against the Shareholders’ Advance. On 13 August 2012, E-Cap 1 undertook a restricted offer for sale of the RCPS-i on a non­renounceable basis to the shareholders of Tanjung Offshore, other than E-Cap 1 and/or its affiliates (“Entitled Shareholders”), at an offer price of RM1.00 per RCPS-i on the basis of 75 RCPS-i for every 100 ordinary shares of RMO.50 each in Tanjung Offshore (“E-Cap 1 Offer for Sale”). Pursuant to the E-Cap 1 Offer for Sale, 59,393,433 RCPS-i were allotted to the Entitled Shareholders who had subscribed for the RCPS-i by way of reinvesting their special dividends from Tanjung Offshore, with the balance of the RCPS-i being retained by E-Cap 1. Based on the terms of the RCPS-i, all the outstanding RCPS-i will be mandatorily converted into new ICON Shares at a conversion ratio of one RCPS-i for everyone new ordinary share of RM1.00 each in ICON (subject to adjustments) on the business day following the receipt of the last regulatory approval for our IPO and Listing; (ii) the acquisition of 82.5% equity interest in ICON Fleet by Hallmark, a wholly-owned subsidiary of E-Cap 2 which in turn is a wholly-owned subsidiary of ECSB, from Eaglemax Plus Sdn. Bhd., Razali bin Mohd Yusof, Kanagalingam a/I Chinniah, Dr. Jamal bin Yusof @ Gordon Duclos and Rahman bin Yusof for a total cash consideration of RM150.9 million (“Acquisition of ICON Fleet”). The Acquisition of ICON Fleet was completed on 28 September 2012. The remaining 17.5% equity interest in ICON Fleet were held by Dr. Jamal bin Yusof @ Gordon Duclos and Rahman bin Yusof in the proportion of 13.5% equity interest and 4.0% equity interest respectively; and (iii) the acquisition of the entire issued and paid-up share capital of ICON Fleet by ICON from Hallmark, Dr. Jamal bin Yusof @ Gordon Duclos and Rahman bin Yusof for a total purchase consideration of RM227.7 million which was satisfied by the issuance of new ordinary shares of RM1.00 each in ICON at an issue price of RM1.00 per share (“Merger”). The Merger was completed on 1g November 2012, (to be collectively referred to as “Strategic Consolidation”) As we had contemplated the Merger at the time of the Acquisition of ICON Fleet, we started consolidating the results of the ICON Fleet Group from 28 September 2012, being the date of completion of the Acquisition of ICON Fleet. In consequence of the Strategic Consolidation, we undertook a review of our business plan which led us to pursue a divestment of our non-OSV, lower specification OSVs as well as older OSVs, and to focus on newer and higher specification OSVs, reflecting our strategy to consolidate our position in shallow water operations within the OSV space with selective expansion into deepwater operations. 7. BUSINESS (Cont’d) In addition, our Group also completed an internal reorganisation exercise in December 2013 to streamline our subsidiaries into three core business functions such that ICON OGSB holds our PETRONAS licence and charter contracts, ICON Ship undertakes our ship management services and ICON Fleet serves as the holding company of our various Labuan-incorporated vessel owning companies. Pursuant to the Internal Reorganisation, ICON OGSB, which was preViously held by ICON Fleet, has become our direct sUbsidiary and 16 of our vessels were transferred to the newly-incorporated Labuan companies. Please refer to Section 6.1 of this Prospectus for our Group structure. Under the leadership of our Chief Executive Officer, Dr Jamal bin Yusof @ Gordon Duclos backed by our highly-qualified management team with significant industry experience both in Malaysia and internationally, we have, since the completion of the Strategic Consolidation, integrated the various operational and organisational aspects of ICON Ship and the ICON Fleet Group and in consequence thereof, have been able to strengthen our position to become the largest pure-play OSV provider in Malaysia in terms of the number of vessels operated by us and continue to enjoy high operating margin on the back of high utilisation rates for our AHT/AHTSs and PSV/SSVs. Our key milestones and achievements are as follows: Year Milestone/Achievement 1994 TKS (now known as ICON Ship) commenced operations as an agent and a third party charterer 2005 TKS (now known as ICON Ship) took delivery of its first vessels, one AHTS and one UV TKS (now known as ICON Ship) executed its first contract for PETRONAS Carigali TKS (now known as ICON Ship) executed its first contract for Exxonmobil Malaysia 2006 OMNI Power acquired its first vessel, an AHT Omni Group Sdn. Bhd. (now known as ICON OGSB) executed its first contract as ship
manager and operator 2007 TKS (now known as ICON Ship) executed its first international contract for charter of its SSV, Tanjung Pinang 3 in Vietnam Omni Group Sdn. Bhd. (now known as ICON OGSB) was awarded a PETRONAS licence 2011 Our Omni Emery 1 AHT received an award for Excellent HSE Performance from PTSC for achieving one year of operations without any lost time incident Our Omni Victory AHTS received an award from Saujana Marine Sdn. Bhd. for 1,000,000 man hours without any lost time incident 2012 ICON Ship was awarded Best HSE Performance by PETRONAS Carigali 2013 We took delivery of our first PSV, Tanjung Piai I, the first Malaysian constructed and Malaysian-flagged diesel electric PSV Our Omni Tigris AHTS received an award for outstanding safety performance from Maersk for two years for operating without a lost workday Our Tanjung Puteri 2 AHTS received “4th Quarter 2013 Vessel Award in Recognition of Safety Reliable Operations” from Exxonmobil Malaysia We received “Best Marine Vessel Contracto(‘ award for HSE from PETRONAS Carigali

7. BUSINESS (Cont’d) Year Milestone/Achievement 2014 We entered into a joint venture arrangement with FOB SWATH, an affiliate of Odfjell, a Norwegian-based company engaged in shipping and OSVs, for the construction and lease of FCBs using proprietary technology We received “4th Quarter 2013 Marine Business Partner Award in Recognition of Safety Reliable Operations” from Exxonmobii Malaysia We received an award for outstanding HSE performance and dedication from PETRONAS Carigali for achieving 3,000,000 man hours without lost time incident We received “2013 Safety Recognition Award” from Exxonmobil Malaysia for achieving 100,000 man hours for hurt-free operations 7.5 Business activities 7.5.1 Vessel chartering We are a pure-play owner and operator of OSVs, providing OSVs and related services to the upstream activities of offshore oil and gas companies. Whilst our primary market is Malaysia, our vessel footprint has also expanded, with vessels currently operating in Thailand and Qatar. Historically, our vessels have operated in Vietnam, Indonesia, Egypt, Iraq, the UAE, India, Myanmar, Saudi Arabia and Australia. Our young fleet provides us with a competitive advantage in an industry with increasingly strict environmental standards and regulatory requirements and also enables us to maintain lower maintenance and operating costs. We charter our vessels on a time charter basis where we provide a vessel to a customer and we are responsible for all operating expenses except for fuel costs which are borne by the charterer. We also charter-in third party vessels as forerunner in instances where we secure a larger number of contracts than our available vessels and the customer agrees for the forerunner vessel to temporarily service the contract until one of our vessels become available. In such cases, we recognise the entire income from the contract as revenue and the entire cost of chartering-in the forerunner vessel as cost of sales. Our fleet provides logistical support throughout the entire life cycle of offshore oil and gas projects, from the exploration and appraisal stage to the decommissioning stage. Exploration and appraisal Once an operator has identified a suitably prospective formation, it may seek to confirm the presence of hydrocarbons by commissioning an exploration well. During the exploration and appraisal period, our OSVs can be used to support drilling units by performing positioning duties, towing them into place, handling anchors and performing supply runs such as transporting of personnel, provisions, fuel, equipment, spares and other supplies to and from shore, or between drilling rigs and other support vessels and installations.
Field development If the appraisal and reservoir modelling work establishes a reserve base deemed large enough to support commercial production, full field development studies are then commissioned. Full commercial production commences once development wells are connected up to platform and processing infrastructure. For most projects, this is normally at least five years from initial discovery but lead times can often be far longer. 7. BUSINESS (Cont’d) During the field development phase, our OSVs can be deployed to support installation vessels (heavy lift and pipelay assets) and the towing and positioning of drilling rigs to their drilling locations for development drilling. Our OSVs can also be used within harbours to tow infrastructure into place and to perform supply runs during offshore installation work and to transport food, production materials, equipment and goods such as cement, fuel oil, cargo pipes, drilling murJ and fresh water to and from shore, or between construction vessels, drilling rigs and offshore platforms, as well as to provide safety standby and emergency rescue services. Operation and maintenance Once a field enters the production phase, operators must perform routine IMR work to ensure system integrity and performance. The opportunity with the operational and maintenance phase for our OSVs is primarily centred upon the support of production infrastructure through the transport of personnel, provisions, fuel, equipment, spares and other supplies to and from shore or between the offshore con~truction/installation vessels, drilling rigs and other platforms. Our PSVs and AHTSs can perform supply runs to production platforms as well as acting as standby vessels to ensure safety whilst offshore. Decommissioning Once production from a mature field ceases to be commercially viable, the decommissioning and removal of production and processing infrastructure can begin. Although decommissioning is not particularly common in Malaysia or in most of the markets where we have operated historically, our vessels are equipped to provide support for removal of infrastructure to oil and gas operators in the process of de­commissioning.

 

7.5.2 Ship management services We also provide ship management services where we enter into a contract with the owner of a vessel to provide operational, safety and commercial services to the vessel. The operational and safety services we provide under these contracts typically include ensuring compliance with the laws of the fiag state, providing maintenance services to the vessel, managing crew, arranging and supervising drydocking and arranging for the supplies of necessary supplies, spares and lubricating oil. The commercial management services we offer typically include seeking and negotiating contracts for the vessel’s employment. We generally negotiate a fixed management fee for the services to be provided. The vessel’s owners are responsible for expenses related to certain agreed services necessary for the management of the vessel. As at the LPD, we have two vessels under such arrangements, Grade One Manjung 1 and Grade One Manjung 2, both of which will expire on 31 May 2014, with respective options to extend for another one year.
7.5.3 Third party arrangements In addition to the fleet available for charter by our Group, we also charter-in third party vessels on time charters in instances where we are able to secure long-term contracts but are unable to free up our own vessels for those contracts and we agree with the customer to service the contract with a third party vessel for the entire duration of the contract. In such cases, we will earn the spread between the charter rates that we pay to the vessel owner and the charter rates that are paid to us by our customers. As at the LPD, we have two third party vessels which we had chartered-in, Grade One Manjung 1 and Grade One Manjung 2.
7. BUSINESS (Cont’d) 7.6 Existing fleet The fleet available for charter by our Group has grown from 23 vessels as at 31 December 2011 to 32 vessels as at the LPD. As at the LPD, our existing fieet comprises 24 AHT/AHTSs, four SSVs, one PSV, two UVs and one AWB and our vessels have an average age of approximately 5.0 years. All our vessels have been issued with the necessary licences and certificates to carryon their operations. Please refer to Section 7.22 of this Prospectus for the main laws and regulations governing our business and Annexure A for further information on our major licences and permits. The following table shows the age profile of the vessels available for charter by our Group as at the LPD: Type oto 3 years >3 to 6 years >6 to 9 years >9 to 12 years Total No. of vessels AHT/AHTS SSV UV PSV AWB  8  11  3 4 1  2  24 4 2 1 1  Total  ___—:.10;.  12  8  2  32  [The rest of this page has been intentionally left blank]
I Company No. 984830-0 I Company No. 984830-0 7.  BUSINESS (Cont’d)  The following table shows key information about each of the vessels in the fleet available for charter by our Group as at the LPO:  No.  Vessel  Registered owner  Type  Classifi­cation  Year built  Date of acquisition  DP equipped  Current location  On BHP DWT LOA hire ——— NBVas at 31 December 2013 (RM’OOO)  Charter start date  Charter duration (including option to extend)  Customer  1.  ICON Azra  ICON Azra  AHTS  ASS  2012  2Q 2013  DP1  Malaysia  5,150  1,374  59m  Yes  38,197  1 January 2013  5 years + 1 year  PETRONAS Cari9ali  2.  ICON Ikhlas  ICON Ikhlas  AHTS  ASS  2012  302013  DP2  Malaysia  5,150  1,340  59m  Yes  42,545  31 December 2013  19 months + 12 months  Petrofac (Malaysia ­PM 304) Limited  3.  ICON Samudera  ICON Samudera  AHTS  ASS  2012  202013  DP1  Malaysia  5,150  1,374  59m  Yes  37,250  1 January 2013  5 years + 1 year  PETRONAS Cari9ali  4.  Icon Sophia  ICON Sophia  AHTS  SV  2013  4Q 2013  DP1  Malaysia  5,150  1,340  59m  Yes  40,020  21 January 2014  19 months + 1 year  Petrofac (Malaysia ­PM 304) Limited  5.  SK Line 77  ICON Zara  AHTS  ASS  2012  302013  DP2  Malaysia  5,150  1,340  59m  Yes  42,556  2 AU9ust 2013  6 months + 115days  Sarawak Shell Serhadl Sabah Shell Petroleum Company Limited  6.  Omni Marissa  OMNI Marissa  AHTS  ASS  2010  2Q 2012  DP1  Malaysia  5,220  1,740  60m  Yes  38,807  6 June 2012  1 year + 1 year  PETRONAS Cari9ali  7.  Omni Stella  OMNI Stella  AHTS  ASS  2010  1Q 2012  DP1  Malaysia  5,220  1,300  61m  Yes  44,970  20 January 2013  5 years + 1 year  PETRONAS Cari9ali  8.  Tanjun9 Siru 1  ICON Ship  AHTS  SV  2009  402009  N/A  Malaysia  5,220  1,601  60m  Yes  39,931  12 March 2014  3 months + 1 month  Petrofac (Malaysia ­PM 304) Limited  125
7.  BUSINESS (Cont’d)  No.  Vessel  Registered owner  Type  Classifi­cation  Year built  Date of acquisition  DP equipped  Current location  On BHP DWT LOA hire ——–­ NBV as at 31 December 2013 (RM’OOO)  Charter start date  Charter duration (including option to extend)  Customer  9.  Tanjun9 Biru 2  ICQN Ship  AHTS  BV  2009  4Q 2009  N/A  Malaysia  5,220  1,601  60m  Yes  39,930  26 November 2009  3 years + 1 year + 1 year  PETRONAS Cari9ali  10.  Qmni Victory  QMNI Victory  AHTS  BV  2009  1Q 2011  DP2  Malaysia  8,000  2,524  67m  Yes  60,194  26 April 2014  120 days per year, for 3 years  TLQ  11.  Tanj un9 Puteri 1  ICON Ship  AHTS  BV  2008  302008  N/A  Malaysia  5,444  1,650  60m  Yes  37,101  8 June 2013  1 year + 1 year  PETRQNAS Cari9ali  12.  Tanjun9 Puteri 2  ICQN Ship  AHTS  BV  2008  302008  N/A  Malaysia  5,444  1,650  60m  Yes  37,355  20 August 2013  1 year + 1 year  Exxonmobil Malaysia  13.  Omni Tigris  QMNI Triton  AHTS  BV  2008  102010  DPl  Qatar  5,220  1,730  61m  Yes  44,393  17 January 2011  5years + 5 years(1)  Maersk  14.  Tanjung Dahan 1  ICQN Ship  AHTS  ABS  2007  102010  N/A  Malaysia  5,444  1,790  60m  Yes  37,908  20 April 2014  90 days + 30 days  Petra Energy Berhad  15.  Tanjun9 Dahan 2  ICQN Ship  AHTS  ABS  2007  2Q 2010  N/A  Malaysia  5,444  1,790  60m  Yes  38,038  23 June 2010  5 years + 1 year + 1 year  PETRONAS Cari9ali  16.  Tanjun9 Dawai  ICQN Ship  AHTS  BV  2007  4Q 2007  N/A  Malaysia  5,444  1,650  59m  Yes  31,202  11 November 2013  6 months + 2 months  Sarawak Shell Berhadl Sabah Shell Petroleum Company Limited  17.  Tanjun9 Sari  ICON Ship  AHTS  BV  2009  402009  N/A  Malaysia  5,444  1,593  60m  Yes  38,979  1 January 2013  5 years + 1 year  PETRQNAS Cari9all  126
I Company No. 984830-0 7.  BUSINESS (Cont’d)  No.  Vessel  Registered owner  Type  Classifi­cation  Year built  Date of acquisition  DP equipped  Current location  On BHP DWT lOA hire ——— NBVas at 31 December 2013 (RM’OOO)  Charter start date  Charter duration (including option to extend)  Customer  18.  Tanjung Huma  ICON Ship  AHTS  ABS  2005  lQ2012  N/A  Malaysia  5,428  1,650  60m  Yes  28,522  1 January 2013  5 years + 1 year  PETRONAS Carigali  19.  Omni Gagah  OMNI Flotilla  AHTS  BV  2003  3Q 2010  N/A  Malaysia  5,500  3,961  59m  Yes  19,578  22 April 2014  120 days per year, for 3 years  TlO  20.  Omni Perkasa  OMNI Flotilla  AHTS  BV  2003  4Q 2010  N/A  Malaysia  5,500  1,396  59m  Yes  20,868  22 June 2012  3 years + 1 year  PETRONAS Carigali  21.  Omni Emery 1  OMNI Emery  AHT  BV  2008  lQ 2009  N/A  Malaysia  4,200  671  48m  Yes  16,812  15 March 2014  120 days per year, for 3 years  TlO  22.  Omni Anteia  OMNI Offshore  AHT  BV  2008  1Q 2009  N/A  Malaysia  5,220  857  49m  Yes  17,495  2 March 2014  120 days per year, for 3 years  TlO  23.  Omni Akira  OMNI Marine  AHT  BV  2006  3Q 2007  N/A  Malaysia  3,200  330  37m  Yes  8,228  To be determined (2)  3 years + 1 year  Hess Exploration and Production Malaysia B.v.  24.  Tanjung Piai 1  ICON Ship  PSV  BV  2011  2Q 2013  DP2  Malaysia  6,970  3,500  77m  Yes  102,424  15 December 2013  3 months + 2 months  Sarawak Shell Berhad/ Sabah Shell Petroleum Company Limited  25.  Tanjung Pinang 1  ICON Ship  SSV  ABS  2006  3Q 2006  N/A  Malaysia  5,110  1,650  60m  Yes  33,518  15 January 2014  180 days + 180 days  Newfield Peninsula Malaysia Inc.  127
I Company No. 984830-0 7.  BUSINESS (Cont’d)  No.  Vessel  Registered owner  Type  Classifi­cation  Year built  Date of acquisition  DP equipped  Current location  On BHP DWT LOA hire ——— NBVas at 31 December 2013 (RM’OOO)  Charter start date  Charter duration (including option to extend)  Customer  26.  Tanjung Pinang 2  ICON Ship  SSV  ABS  2006  402006  N/A  Malaysia  5,110  1,650  60m  Yes  33,533  1 January 2013  5 years + 1 year  PETRONAS Carigali  27.  Tanjung Pinang 3  ICON Ship  SSV  BV  2006  102007  N/A  Malaysia  5,110  1,650  60m  Yes  22,660  5 July 2011  3 years + 1 year + 1 year  PETRONAS Carigali  28.  Tanjung Pinang 4  ICON Ship  SSV  BV  2006  202007  N/A  Malaysia  5,110  1,650  60m  Yes  33,602  1 January 2013  5 years + 1 year  PETRONAS Carigali  29.  Tanjung Gaya  ICON Ship  UV  BV  2008  402008  N/A  Thailand  3,600  908 4gm  Yes  19,242  16 October 2010  3 years + 1 year + 1 year  CPOC  30.  Tanjun~ Manis)  ICON Ship  UV  ABS  2005  102012  N/A  Malaysia  3,484  750  45m  Yes  7,197  27 April 2014  120 days per year, for 3 years  TLO  31.  SK Line 80  Nam Cheong International Ltd  AHTS  BV  2012  Bareboat  DP1  Malaysia  5,150  1,340  5gm  Yes  N/A  1 January 2013  5 years + 1 year  PETRONAS Carigali  32.  SK Line 600  Nam Cheong International Ltd  AWB  ABS  2013  Bareboat  DP2  Malaysia  5,500  3,500  78m  No  N/A  N/A  Available for charter  N/A  Notes:  (1)  We have entered into an agreement with Maersk to tenninate the contract effective 31 December 2014.  (2)  Letter of award received on 30April 2014.
(3) We have received an offer and are currently in negotiations for the potential disposal of this vessel. As at the date of this Prospectus, wehave yet to enter into any agreement to effect the disposal. 128 7. BUSINESS (Cont’d) The table below sets out the aggregate NBV as at 31 December 2013 of the vessels owned by our Group as at the LPD:  Aggregate NBV as at  Type  No. of vessels  31 December 2013  (RM’OOOj  AHT/AHTS  23  800,879  SSV  4  123,313  UV  2  26,439  PSV  1  102,424  Total 30 1,053,055

7.6.1 AHT/AHTS
As at the LPD, there are three AHTs and 21 AHTSs available for charter by our Group with an average age of approximately 4.8 years. As at the LPD, 15 of the AHTS and one of our AHTs are on long-term charters (for a duration of 12 months or more, including optional extensions). All of our AHTs and AHTSs are currently operating in Kemaman and Labuan, Malaysia, except for one of our AHTS which is on a charter in Qatar. These vessels are used to support offshore oil rigs, platforms and other installations and to tow mobile structures and position their mooring anchors in order to ensure their anchors are placed in a proper position. The AHT/AHTSs have a bollard pUll that ranges from 40 to 100 tonnes and horsepower engines ranging from 3,200 to 8,000 BHP which are suitable to operate in shallow water fields. We plan to expand our fleet to include two larger AHTS with 10,930 BHP capacity which are capable of operating in deeper water which are under construction with delivery due in 3Q 2015. The defining characteristics of AHT/AHTS are their engine power, measured in BHP and the size of their winches in terms of line pull and wire storage capacity. AHT/AHTS also possess large aft decks which are utilised during anchor handling and towing operations and for the carriage of deck cargo. The stern of the vessel is open to the sea, with a stern roller filted to enable the vessel to recover and deploy anchors, while maintaining a clear area for the vessel’s work wire.

 

7. BUSINESS (Cont’d) AHT/AHTSs are also capable of performing a variety of functions in harsher weather conditions compared to traditional vessels. AHTs are capable of providing long range towage services when floating platforms need to be mobiiised to other fields, countries or repair yards. Deepwater AHTs also provide support for construction work in transporting and carrying out projects for mobiiisation of structures for floatovers, or launching or instaiiation, positioning, hook-up and commissioning work. in contrast to AHTs, AHTSs are suited for “in-field support” as the vessels have to leave space and deadweight capacity for the carriage of driiiing mud, cement, base oil, drill water, and other supplies. Some AHTSs are also equipped for firefighting, rescue operations and oil spill recovery. From time to time, when not performing anchor handiing and towing services, our AHT/AHTSs aiso function as SSVs and are also able to serve as safety standby rescue and fire-fighting vessels for oil spill response and recovery efforts. AHT/AHTSs are required to maintain drilling rigs at a specific position at a high degree of accuracy and are fitted with powerful thrusters that provide increased manoeuvering capabilities during slow speed or static operations aiongside platforms and oil rigs. 10 of our AHTSs and one PSV are equipped with DP systems that allow continued operation in adverse weather conditions, especiaiiy in deepwater instaliations. The iarger open deck space and greater storage and offloading capacity of AHT/AHTS also increase efficiency for servicing installations remoteiy from an onshore infrastructure, using AHT/AHTS. Our AHT/AHTSs: • have engines ranging from 3,200 to 8,000 BHP, which is appropriate for shaliow water;
• are fitted with DP systems and specialised equipment such as anchor handiing towing winches;
• are capable of accommodating between 14 and 50 personnei, inciuding marine crew; and
• have firefighting and poliution control capabilities.

7.6.2 PSV 7. BUSINESS (Cont’d)
As at the LPO, we have one PSV which is operating in Malaysia. Our PSV is 77m in length and has a capacity of 3,500 OWT. It is capable of working in deepwater conditions and serves various types of drilling rigs and platforms, including drill ships, fixed platforms, FPSOs and semi-submersible rigs. Our PSV is equipped with a OP2 system, enabling it to accurately manoeuvre and operate in adverse weather conditions. Our PSV is the first Malaysian built diesel electric PSV and has a 750m’ main deck cargo area. It can accommodate up to 60 personnel, including marine crew. PSVs are designed to deliver large quantities of cargo to offshore drilling and production sites. They also provide logistical support during offshore construction work. PSVs are designed for optimum capacity and are distinguished by their (i) deadweight; (ii) available deck area for the transportation of cargo such as pipes, equipment and spares; and (iii) below-deck capacity for the storage of drilling fluid, mud and cement used in the drilling process and tank storage for water and fuel oil. We plan to expand our fleet to include one PSV under construction with delivery due in 40 2014 and we are in final negotiation to have another PSV constructed and delivered in 102016. 7.6.3 SSVs
As at the LPO, we have four SSVs with an average age of approximately 7.5 years, all of which are operating on Malaysian waters. Our SSVs have engines with 5,110 BHP and are capable of accommodating up to 28 personnel, including marine crew. SSVs primarily operate in shallow water. Our SSVs are primarily used for the transportation of equipment, cargo pipe, drilling fluids, cement, fuel and fresh water from supply bases to offshore platforms and facilities. 7. BUSINESS (Cont’d) 7.6.4 UVs
As at the LPO, we have two UVs with an average age of approximately 7.5 years, one of which is operating in Thailand and the other is available for charter. Our UVs have engines with 3,500 BHP. UVs are much smaller versions of SSVs but without cargo tanks for drilling fluids or cement. UVs primarily operate in shallow water and are typically used to transport deck cargo, fuel, fresh water, food provisions and personnel. 7.6.5 AWBs
As at the LPO, we have one AWB on a bareboat charter to us which we expect to acquire by June 2014 and two AWBs under construction with delivery due in 1Q 2015 and 3Q 2015 respectively. Each of our AWBs will have capacity of 3,500 OWT, will be equipped with a OP2 system and a four-point mooring system and will be able to provide accommodation for up to 200 personnel. Each of our AWBs will also be equipped with a 50-tonne crane as well as approximately 1,000m’ of clear deck space for carrying out maintenance or construction of equipment. AWBs are primarily used to support offshore construction and IMR activity. 7. BUSINESS (Cont’d) 7.6.6 FeB As at the LPD, we have one FCB under construction pursuant to our joint venture arrangement with FOB SWATH, an affiliate of Odfjell, a Norwegian-based company engaged in shipping and OSVs. it will be equipped with proprietary technology which is expected to allow the vessel to travel at faster speeds as well as enable crew transfers between the boat and offshore platforms to be undertaken in an expeditious and safer manner, compared to crew transfers involving conventional crew boats. It is expected to be capable of accommodating 40 passengers. We expect delivery of the FCB in 40 2014. It will have LOA of 30m. FCBs are primarily used to transport crew to and from offshore platforms.

 

7.7 Fleet expansion plans As part of our expansion plan, we have six new vessels which are currently under construction. We have commissioned international ship builders such as Guangzhou Shunhai Pte. Ltd., Labuan Shipyard & Engineering Sdn. Bhd. and Grade One Marine Shipyard Sdn. Bhd. to build these vessels. In addition, we are in final negotiation to have one PSV constructed. Our fleet expansion programme is focused on the construction of larger vessels which are beller equipped to operate in deeper water and adverse weather conditions, catering to the shifting trends in the requirements of offshore oil and gas operators. In particular, newer vessels with deepwater capabilities provide us with the flexibility to secure deepwater contracts and command beller charter rates. Our fleet expansion programme is supervised by our shipbuilding project management team that has many years of experience in overseeing the building of new vessels. We plan to continue to evaluate our fleet on an on-going basis to ensure that we are able to balance customer needs with our vessel composition and fleet age. Our vessel expansion plan is subject to change depending on market conditions, future events and/or in anticipation of the change in customers’ requirements. The following table sets out certain information relating to the six vessels that are currently under construction as at the LPD: Expected Accommodationl registration Expected OP Passenger Type (Country) delivery equipment BHP OWl LOA capacity AWB Malaysia 102015 DP2 N/A 3,500 18m 200 AWB Malaysia 302015 DP2 N/A 3,500 82m 200 PSV Malaysia 402014 DP2 N/A 3,500 77m 60 FeB Malaysia 402014 N/A N/A N/A 30m 40 AHTS Malaysia 302015 DP2 10,930 N/A 10m N/A AHTS Malaysia 302015 DP2 10,930 N/A 10m N/A
The following table sets out certain information relating to one additional vessel which we are in final negotiation to have constructed: Expected Accommodationl registration Expected OP Passenger Type (Country) delivery equipment BHP OWT LOA capacity PSV Malaysia 102016 DP2 N/A 3,500 77m 60 7. BUSINESS (Cont’d) Our expansion plan requires significant capital expenditure. We expect to incur capital expenditure of RM330.3 million and RM130.7 million in the years ending 31 December 2014 and 2015 respectively, primarily related to the purchase/construction of the vessels through our shipbuilding programme based on progress payment commitments. We anticipate that our capital expenditures for the years ending 31 December 2014 and 2015 will be financed via a combination of both existing and new borrowings from financial institutions, expected cash fiows from operations and the proceeds from the Public Issue. Please refer to Section 12.2.6(iv) of this Prospectus for further information regarding our capital expenditures. 7.8 Contracts and charter term We earn revenue from time chartering our vessels based on daily rates of hire. Under a time charter, we provide a vessel to a customer and we are responsible for all operating expenses except for fuel costs which are borne by the charterer. We generally use industry standard form contracts such as the SIMCO form of uniform time charter party for OSVs or charter contracts drafted by NOCs and IOCs. In Malaysia, most OSV jobs are made available through PETRONAS Carigali or other PSC contractors tendering process. Tender invitations are issued to vessel owners and operators, and shipbrokers in the bidders’ list provided by PETRONAS’ Licensing Department based on the vessel categories recognised under the PETRONAS licence. For international charters, we typically work with a broker who will identify suitable opp0rtunities for our vessels. Occasionally, we are invited to participate in international jobs through direct negotiation or through a tendering process. After receiving a tender invitation, our management will initially evaluate the opportunity and once our management decides to participate in the tender, we identify suitable vessels for the opportunity and provide a bid which includes commercial and technical specifications. The average utilisation rates for our vessels were 87.7%, 87.3% and 84.4% in the years ended 31 December 2011,2012 and 2013, respectively. 7.8.1 Scope of work, duration and location Our vessel charters include periods ranging from daily charters to long-term contracts ofup to 10 years (including optional extensions). Some contracts contain options, typically exercisable at the charterer’s discretion, to extend the charter for a specified length of time at a specified charter rate. The scope of work specified in each contract may vary depending on the type of vessel being chartered and the requirements of the charterer. For example, if an AHTS is chartered to perform the job of an SSV, it would earn a rate more typical of an SSV. Similarly, an AHT may be hired as a standby boat and we would be compensated on such basis. The location or geographical areas where the services are to be performed are also stated in the contract. 7.8.2 Basis of compensation Our customers generally require our vessels to be available continuously on a 24­hour basis during the term of the charter. The amount payable to us is generally calculated based on the day-rate set out in the contract. The contract also specifies amounts payable to us during periods when the vessel is not operating or in other pre-agreed circumstances, e.g. during mobilisation, demobilisation, repair or force majeure events. Our contracts usually stipulate payment terms of within 30 to 60 days of the date of our invoices. We issue invoices to our customers once a month. When our vessels are not able to operate due to reasons attributable to us such as negligence or breach of contract, or other events or circumstances that are within our control, the day-rate will not be charged. Such circumstances may also include periods of sudden breakdown, labour disputes or strikes. 7. BUSINESS (Cont’d) 7.8.3 Termination In circumstances where operations are Interrupted or suspended for a specific period of time due to our fault or force majeure, our customers usually have the right to terminate the contract without any obligation to pay us any compensation for termination. Typically, our customers also have the right to terminate our contracts upon the occurrence of certain other circumstances such as unsatisfactory performance by us, loss, destruction or requisition of the vessel or our insolvency or winding-up or equivalent event, and we are not entitled to any compensation for termination in such circumstances. Most of our contracts grant our customers the option to terminate the relevant contract at any time upon relatively short notice and after the customer pays a settlement sum and/or demobilisation charge. We have only encountered two situations where a contract was terminated prior to completion since 1 January 2011. The first occurred in the year ended 31 December 2013 as a result of the contractor finishing its drilling campaign ahead of schedule. The second occurred in February 2014 as we entered into an agreement with Maersk to terminate the contract for our Omni Tigris AHTS effective 31 December 2014 as we understand that Maersk’s project will complete ahead of schedule. 7.8.4 Costs We are typically responsible for the operating costs of our vessels (other than fuel costs) such as crew wages, vessel maintenance, drydock expenses, insurance, food provisions and spare parts. We are also generally responsible for all taxes for which we are liable by reason of performing our contracts, as well as for import or export licence fees and stamp duty. Our charter parties do not usually provide adjustments to the day-rate on account of our costs increasing or decreasing unless mutually agreed on a C”ase-by-case basis. 7.8.5 Sales and marketing We have a dedicated and experienced sales team that actively evaluates customer requirements and industry trends in order to properly identify and assess opportunities. We believe that our sales team has in-depth knowledge of the industry and is always up-to-date with the development plans of our customers, allowing us to anticipate their future needs and to focus our marketing efforts and fleet expansion plan in the right direction. We also maintain regular communication with existing and potential customers as part of our marketing strategy and develop close rapport with external advisors, agents and brokers to assist us in our sales and marketing efforts, particularly with respect to identifying and securing international opportunities. We also participate in and attend exhibitions, seminars, trade fairs and other events in order to maximise our visibility and cultivate relationships with new and existing business partners. 7.8.6 Customers Our customer base includes established names such as affiliates of PETRONAS, SapuraKencana Petroleum Berhad, Shell, A.P. Moller -Maersk Group, Exxonmobil, Petrofac Limited, Newfield Exploration Company and Hess Corporation. We had entered into long-term contracts with some of these customers for the provision of services. We also participate in tenders for projects involving other potential customers and have diversified our customer base over the last three years. 7. BUSINESS (Cont’d) We have been working with PETRONAS Carigali since 2005 and as indicated below, they have been our largest end customer in each of the years ended 31 December 2011, 2012 and 2013. This has been a deliberate strategy on our part and we believe that our relationship with PETRONAS Carigali provides us with a significant competitive advantage for our operations and provides us with a strong and secure revenue source. The following table shows a listing of some of our long-standing end customers and direct customers and the number of years of our relationship with them: Direct customer End customer Length of Length of No. Name relationship Name relationship 1. • TOS 9 years PETRONAS Cari9ali 9 yearsLibra 5 years• 2. PETRONAS Cari9ali 2 years N/A 3.. 10S 9 years Exxonmobil Malaysia 8 years 4. TLO 5 years N/A
5. 10S 9 years CPOC 5 years

6. PTSC 4 years N/A
7. Geokinetics Inc. 4 years N/A

8. Maersk 3 years N/A Our major direct customers as well as end customer that have contributed 10% or more to our revenue in the years ended 31 December 2011, 2012 and 2013 are as follows: Year ended 31 December Name 2011 2012 2013
RM’OOO % RM’OOO % RM’OOO % Direct customer TOS(11 142.756 63.0 199,484 68.4 219,156 65.5 Libra\<‘1 10.501 4.6 46.339 15.9 7,781 2.3 PETRONAS Carigali 35,040 10.5 End customer PETRONAS Cari9ali 146,370 64.6 234,666 80.5 240,111 71.7 Notes: (1) End customer includes PETRONAS Carigati. (2) End Gustomer represents PETRONAS Carigati. Our revenue from TOS are contracts entered into by TOS (which is part of the Tanjung Offshore group of companies) as agent for TKS (now known as ICON Ship) prior to the Acquisition of ICON Ship. Effective 1 January 2012, all proceeds and receivables due to ICON Ship for work done from 1 January 2012 in connection with the contracts has been assigned to ICON Ship and Tanjung Offshore will procure TOS to take all necessary actions to ensure that all payments due from customers under such contracts will be paid into an account determined by ICON Ship until such contracts can be novated to ICON OGSB. These contracts have been subsequently novated to ICON OGSB pursuant to novation agreements dated 19 August 2013, 5 February 2014 and 6 February 2014 respectively. Please refer to Section 15.6 of this Prospectus for further information. 7. BUSINESS (Cont’d) 7.8.7 Suppliers Our purchases of supplies mainly relate to items used for our vessels’ operation, supplies for new vessels and drydockings. These include shipyard slots, spare parts and other equipments. We do not have any major suppliers, being suppliers who had contributed 10% or more to our cost of sales in the years ended 31 December 2011, 2012 and 2013. We are not dependent on any of our suppliers. 7.8.8 Seasonality In Malaysia, our operations that support IMR work are partially affected by the monsoon season which occurs between November and February. Our three AHTs and one of our UVs which are smaller than the rest of our fleet, are particularly affected by adverse weather conditions but we are looking to replace these vessels with larger vessels that are better able to withstand such conditions, in line with our fleet expansion, diversification and renewal programme pursuant to the review of our business plan in consequence of the Strategic Consolidation. Please refer to Section 7.7 of this Prospectus on our fleet expansion plan. We typically schedule maintenance on our smaller vessels during periods of inactivity due to monsoon. We manage our fleet portfolio through our fieet expansion, diversification and renewal programme.
7.9 Vessel maintenance We carry out routine drydock inspection, afloat repairs, regular maintenance and repair costs based on our own comprehensive preventive maintenance programme, as required under the relevant regulations as well as to maintain the relevant certifications for our vessels. We also have a Planned Maintenance System on board each of our vessels. The Planned Maintenance System is a computer based system which assists our staff to carry out periodic maintenance. It is linked from ship to shore and is monitored by our shore-based management. We established an in-house maintenance team, the Special Action Team, in 2013, which conducts search and repair operations both at sea and when the vessel is in port. We believe that our vessel maintenance programme and our Special Action Team allow us to provide our customers with safe, reliable and efficient vessels and help us to reduce costs through promoting efficiencies in maintenance and repair. We are typically required to drydock each of our vessels twice every five years, involving one intermediate drydock and one special drydock. During these drydockings, the vessel is surveyed and inspected by the Classification Society surveyor in accordance with the applicable rules of the relevant classification society (“Rules”) in which the vessels are classed. The intermediate drydock which is held between the second and third year entails repair and maintenance works. An intermediate drydock may not be required if the Underwater Inspection In Lieu of Drydocking (UWILD) undertaken is satisfactory and the vessel is in a condition that satisfies the applicable requirements pursuant to the Rules. On the other hand, special drydock entails a major inspection and overhaul of the vessel which is a mandatory requirement for class renewal based on a five-year cycle from the date of delivery of the vessel. Typically, the average number of days required for intermediate drydocking is between five and seven days while the special drydocking can take up to 21 days. We incurred RM7.4 million, RM15.8 million and RM13.6 million in drydocking costs for the years ended 31 December 2011, 2012 and 2013, respectively, which were capitalised as a separate component of the vessels costs. As part of our planned capital expenditures for the years ending 31 December 2014 and 2015, we have budgeted RM10.0 million and RM19.5 million respectively for drydocking costs. 7. BUSINESS (Cont’d)
7.10 Competition We primarily compete on our ability to meet our customers’ requirements and needs, our safety record, the quality and capability of our vessels, our experience and reputation and on price. The OSV market is highly competitive but cabotage laws in Malaysia give us an advantage in the Malaysian market compared to foreign competitors or foreign-flagged vessels. We compete with local, regional and global companies. Our competitors include among others, Bumi Armada Berhad, Perdana Petroleum Berhad, Alam Maritim Resources Berhad, Jasa Merin Sdn. Bhd., Ezra Holdings Limited, Pacific Radiance Ltd, Tidewater, Inc., Bourbon Offshore Asia Pte. Ltd. and Swire Pacific Offshore Operations Pte. Ltd. Please refer to Section 7.22.2 of this Prospectus for further information on Malaysian cabotage laws and Section 5.1.3 of this Prospectus on risks related to competition.
7.11 Business interruption There has not been any interruption which had a significant effect on our operations in the 12 months preceding the LPD.
7.12 Research and development We do not have any formal research and development programme and as such, we did not incur any costs relating to research and development in the years ended 31 December 2011, 2012 and 2013.
7.13 Insurance We maintain marine insurance coverage that we consider customary in the industry against certain risks such as marine disaster, adverse weather conditions, mechanical failure, collision and navigation errors, all of which represent a threat to personnel safety and to our vessels and cargo. We generally maintain hull and machinery coverage, protection and indemnity coverage, war risk policy and contractual liability coverage for our fleet. We also procure insurance coverage to meet charterers’ insurance and risk requirements as stated in their contracts or charter parties. We do not carry business interruption insurance. In the years ended 31 December 2011, 2012 and 2013, we incurred an aggregate of RM4.0 million, RM4.9 million and RM5.0 million, respectively, in hull and machinery and protection and indemnity insurance policy premiums.
7.14 Major licences and permits We have obtained various licences and permits for our operations in Malaysia and other jurisdictions in which we operate. For further details of our major licences and permits, please refer to Annexure A of this Prospectus.
7.15 Intellectual property Save as disclosed below, as at the LPD, we do not have any brand names, patents, trademarks, technical assistance agreements, franchises and other intellectual property rights: We are currently in the process of registering the ICON OFFSHORE trademark in 11 countries. Trademark applications in respect of the ICON OFFSHORE trademark have been filed or will be filed in the following jurisdictions: (i) Malaysia -We have filed application No. 2013057330 and 2013057331 for a Class 37 and a Class 39 trademark, respectively on 19 July 2013. The applications are pending response from the Intellectual Property Corporation of Malaysia. 7. BUSINESS (Cont’d) (ii) Australia -We have filed application No. 1572508 for a Class 37 and Class 39 trademark on 2 August 2013. The Intellectual Property Office of Australia has issued an office action raising queries on the specification of services and is pending our reply. (iii) Myanmar -We are in the process of filing applications for a Class 37 and Class 39 trademark. The Embassy of Myanmar has requested further information from us in connection with the documents required to file the applications and we have responded and submitted all the information requested. The applications are pending response from the Embassy of Myanmar. (iv) Indonesia -We have filed application No. 000.2013.039258 and 000.2013.039259 for a Class 37 and Class 39 trademark, respectively on 5 July 2013. The applications are pending response from the Indonesian Trademark Office.
(v) Qatar -We have filed application No. 86883 and 86884 for a Class 37 and Class 39 trademark, respectively on 28 January 2014. The applications are pending response from the Trademark Office of Qatar.
(vi) Saudi Arabia -We have filed application No. 1435004166 and 1435004167 for a Class 37 and Class 39 trademark, respectively on 14 January 2014. The trademarks have been accepted for registration by the Trademark Office of Saudi Arabia and have proceeded to publication in the Electronic Official Gazette of Saudi Arabia on 6 February 2014. In the absence of objections against the applications within 90 days, the relative fee for registrations will be due for payment.

(vii) Singapore -We have filed application No. T1311637F for a Class 37 and a Class 39 trademark on 19 July 2013. The applications has been accepted by the Intellectual Property Office of Singapore and published for opposition purpose in the Singapore Trade Marks Journal dated 7 February 2014. The applications have been accepted and the trade mark has been registered with the Intellectual Property Office of Singapore. (Viii) Thailand -We have filed application No. 920149 and 920150 for a Class 37 and Class 39 trademark, respectively on 11 December 2013. The applications are pending response from the Department of Intellectual Property of the Ministry of Commerce, Thailand. (ix) UAE. -We have filed application No. 195648 and 195649 for a Class 37 and Class 39 trademark, respectively on 29 July 2013. The Trademark Office of the UAE has accepted the applications without any conditions and limitations. The notice of publication will appear in the Trademark Bulletin in due course.
(x) Vietnam -We have filed application No. 4-2013-15916 for a Class 37 and Class 39 trademark on 19 July 2013. The National Office of Intellectual Property of Vietnam has issued the formal acceptance of the applications. The applications will be officially published in the National Office of Intellectual Property of Vietnam’s gazette within the next 2 months.
(xi) Brunei -We have filed application No. 44217 for a Class 37 and Class 39 trademark on 25 July 2013. The Brunei Darussalam Intellectual Property Office has accepted the trademark for registration subject to the advertisement of application in the Government Gazette and non-opposition against the application. We have made payment for the publication fees to the Trademark Registry for the advertisement of application in the Government Gazette.

7. BUSINESS (Cont’d)
7.16 Environmental matters Our business is subject to various environmental regulations in the jurisdictions in which our vessels operate or are registered. Please refer to Section 7.22.3 of this Prospectus for further details of these environmental regulations. We also maintain a robust HSE policy aimed at the prevention of damage to the environment or to property and at abating pollution and emissions from our operations. We are committed to implementing industry best practices in relation to our HSE policies and we have won a number of awards for HSE achievements, as disclosed in Section 7.18 of this Prospectus.
7.17 Employees As at the LPO, we have 152 on-shore employees, all of whom are permanent employees. All but two of these on-shore employees, or 98.7%, are Malaysian. The following table sets out the functional areas of these employees as of the dates indicated: As at 31 December As at the Category 2011 2012 2013 LPD Senior management 33 44 Management 18 25 26 26 Executive 34 43 4450 Technical 22 21 34 34 Clerical 7 17 26 31 General workers 86 77 92 115 141 152Total As at the LPO, our on-shore employees are located at the following locations: Location Number of employees Kuala Lumpur  106  Kemaman  34  Labuan  12  Total  152
None of our on-shore employees are represented by any union and we have not experienced any disruptions due to labour disputes in the past. We believe that labour relations within our Group and our relationships with our on-shore employees are good. We maintain an internal database of about 840 offshore crew members who will be recruited on a contractual basis depending on our charter requirements. This database allows us to have the fiexibility for crew rotation as well as to meet charter crew criteria as required by the charterers. The table below sets out the number of our offshore OSV crew who are recruited on a contractual basis according to the ranks as at the LPO: Rank As at the LPD DP Master/Chief Officer 30 Chief Officer 28 Second Officer 32 Junior Second/Third Officer 1 Chief Engineer 32 Second Engineer 32 Third Engineer 22 Fourth Engineer 4 Electrical Engineer 2 Engineer Cadet 4 Bosun 31
7. BUSINESS (Cont’d) Rank As at the LPD Deck Cadet 5 Able Bodied Seaman 102 Cook 32 Others such as Oiler, Messman, Fitter, Janitor, etc. 92 449Total Training and development In January 2014, we established the IMTC which aims to enhance the skill of our offshore mariners. The goal of the IMTC is to address the gap in skills between offshore and non­offshore mariners by developing a syllabus and providing training necessary for mariners to operate effectively and safely in our offshore operations. Our IMTC syllabus is closely connected to our HSE policy and procedures. Training sessions are developed and organised in consultation with field experts and with our customers in order to address our customers’ specific needs. Through our leadership programme, we intend to develop our next generation of leaders from our own ranks. The objective is to look at specific competencies required at each level by linking a range of elements within the competency and supported by task based on performance criteria. This is also to create a set of key performance indicators which are aligned to our goals and objectives. Our aim is to appropriately reward high performance by our staff and we have implemented group-wide key performance indicators to assess staff performance semi­annually. We also have an “away” day for our operations staff so as to discuss issues across inter-departments and to address issues to make our team more efficient. For our shipboard personnel, we have yearly shipboard management “away” day programme to foster better relationship between the shore base management and the shipboard management to bridge any gap in communication or understanding. We also seek to develop highly skilled human capital for the OSV sector in line with the Government’s aspiration to build a highly competitive and skilled national workforce. 7.18 Health, safety and environment and security Good HSE track record is a key selection criteria imposed by all our customers in the oil and gas industry. We maintain comprehensive HSE practices across our entire fleet to ensure the safe operation of our vessels and prevention of pollution so as to provide an injury and incident free work environment. The HSE track record of vessel providers is an important criteria for our customers when awarding a charter contract. Estab[ished HSE track record can also be a significant barrier to entry for potential competitors. We aim to continuously improve our HSE performance through our framework of procedures, emergency drills, practices and standards to prevent, identify, organise and control potential hazards in a proactive manner. This includes key safety system elements such as management and employee training, inspections, safety and incident analysis, incident investigation, emergency preparedness, protective equipment, health oontro[s, group meetings, promotion of safety culture and environmental protection. We have also clearly outlined the key objectives and responsibilities of our employees. To further improve our HSE performance, a concerted effort is undertaken throughout our operations emphasising personal safety, identification of safety risks and specification of critical control measures. We also conduct an annual HSE day with staff, charterers, clients and suppliers in order to foster collaboration and ensure a seamless response in case of any emergency. 7. BUSINESS (Cont’d) We also have strict HSE and security policies in place which include a HSE Policy to provide safe and healthy working conditions on vessels and premises, a Safety Management System Policy to maintain safe and reliable operations of ships and environmental impact, a Stop Work Policy to pursue the goal of “no harm” to people, properties and environment, and lastly, a Drug and Alcohol Policy to maintain a safe, healthy and conducive environment for all personnel. As we expand our business, we seek to deliver an exceptional customer experience by consistently meeting or exceeding customers’ expectations for operational performance and that includes maintaining the highest HSE standards and eliminating workplace incidents and injuries, in line with the requirements of NOCs and IOCs. We are committed to maintaining high standards of occupational health, safety and environmental protection and security. Due to the nature of our operations, we are subject to various internal and external safety audits to ensure compliance with occupational health, safety and environmental protection laws and regulations, and to maintain effective waste prevention and reduction capabilities. We have taken a number of iniliatives such as implementing systems covering formal safety management, comprehensive incident and near-miss reporting and investigation and emergency response. Further, we conduct regular safety and environmental audits and provide systematic health and safety training for our employees. We are proactive in establishing policies and operating procedures for safeguarding the environment against any hazardous materials aboard our vessels and at shore-based locations. Whenever possible, hazardous materials are maintained in or transferred to confined areas in an attempt to ensure containment if accidents occur. In addition, we have established operating policies that are intended to increase awareness of actions that may harm the environment. In November 2013, we implemented a policy of having “Safety Awareness” coaches to visit each of our vessels on a set schedule to enhance safety on board vessels by giving safety coaching to the crew. Our strong comm itment to HSE has been recognised by our customers. For example, in 2011, our Omni Emery 1 AHT was awarded for Excellent HSE Performance by PTSC for achieving one year of operations without any lost time incident. In 2012, ICON Ship was awarded Best HSE Performance by PETRONAS Carigali. In 2013, our Omni Tigris AHTS received an award for outstanding safety performance from Maersk for two years operating without a lost workday. “4thIn 2013, our Tanjung Puteri 2 AHTS received the Ouarter 2013 Vessel Award in Recognition of Safety Reliable Operations” from ExxonMobil Malaysia. In 2014, we received an award for outstanding HSE performance and dedication from PETRONAS Carigali for achieving 3,000,000 man hours without lost time incident. We also received the “4th Quarter 2013 Marine Business Partner Award in Recognition of Safety Reliable Operations” and “2013 Safety Recognition Award” for achieving 100,000 man hours for Hurt-Free Operations from Exxonmobil Malaysia.
7.19 Quality assurance We are subject to international safety and classification standards under the ISM Code and ISPS. We comply with the ISM Code by fulfilling the ISM requirements such as the establishment of a Safety Management System Policy setting out procedures by which safety and pollution aspects of a vessel are managed. Our Company has developed, implemented and maintained a safety management system to ensure that the safety and environmental protection policy of our Company is implemented. We comply with the ISPS through the implementation of a ship security plan, which was developed in accordance with the provisions of the ISPS. 7. BUSINESS (Cont’d) Please refer to Section 7.22.5.2 of this Prospectus for further information on our compliance with the ISM Code and ISPS.
7.20 Sources and availability of raw materials or input We have limited exposure to raw material prices in relation to consumables such as fuel and spare part supplies as supplies are not limited and there are many suppliers. In addition, the fuel used by our OSVs is mainly provided by our customers.
7.21 Technology 10 of our AHTSs, one PSV and one AWB in the fleet available for charter by our Group are equipped with DP systems that allow the vessel to stay at a programmed position using computer-aided thrusters and propulsion systems built into the vessel’s hull. The DP system is made up of a computer controlled system that automates the maintenance of the vessel’s position and heading using its own propellers, rudders and thrusters. P0sition reference sensors, combined with wind sensors, motion sensors and gyro compasses provide information to the computer pertaining to the vessel’s position and the magnitude and direction of environmental forces affecting its position. DP systems are typically designated as DP1, DP2 or DP3, indicating the level of redundancy of the system. DP systems may be used to maintain a vessel in a fixed position in the sea or relative to a moving object such as a ship or underwater vehicle. One may also position the ship at a favourable angle towards wind, waves and current, called weather vaning, allowing the vessel to operate in adverse weather conditions avoiding costly down time to offshore operations. We are also investing in the upgrading of our fleet by building vessels which are equipped with up-to-date technology and the latest diesel electric PSV. Furthermore, we have i’l1plemented MATS and BASSnet fleet management software to optimise our vessel management systems for our customers. MATS assists the Special Action Team to identify repairs and maintenance and is connected to our procurement team. BASSnet is a modular software that provides us with an integrated solution covering all main areas of maritime operations. In the year ended 31 December 2013, we installed BASSnet on 17 of our vessels and we will continue to implement BASSnet on all of our vessels in order to introduce dashboard reporting and payroll administration based on BASSnel.
7.22 Governing laws and regulations The main laws and regulations governing our business are summarised below but does not purport to be an exhaustive description of all the relevant laws and regulations of which our business operations is subject to. 7.22.1 Regulation of the domestic offshore oil and gas industry As an OSV provider, our business is regulated by the PDA and the PR which sets out the licensing and regulatory framework for the oil and gas industry in Malaysia. Under the PDA, PETRONAS is vested with the entire ownership in, and the exclusive rights to explore and exploit petroleum resources onshore and offshore in Malaysia. As we participate in upstream activities relating to the exploration and extraction of petroleum in Malaysia by providing OSV services, we are required to obtain the appropriate licences from PETRONAS in order to carry out these activities in Malaysia. ICON OGSB holds our PETRONAS licence which enables us to participate in upstream activities relating to the exploration and extraction of petroleum in Malaysia. 7. BUSINESS (Cont’d) PETRONAS’ exclusive rights to the offshore exploration of petroleum in Malaysia also extend to the continental shelf of Malaysia. The Malaysian Continental Shelf Act, 1966 provides that any offences committed on, under, above, or in any waters within 500m of any installation or devices constructed or used on or above the Malaysian continental shelf in connection with the exploration of its natural resources are deemed to occur in Malaysia. Accordingly, any offences committed onboard our vessels would fall within the jurisdiction of the Malaysian judicial system. In addition, our vessels also operate in an area of approximately 7,250 square kilometres of overlapping continental shelf claimed by both Malaysia and Thailand (“Joint Development Area”). We are therefore also governed by the Malaysia­Thailand Joint Authority (Standards of Petroleum Operations) Regulations 1997 which deal with exploration and exploitation operations within the Joint Development Area.
7.22.2 Operation of ships in Malaysian waters I cabotage laws The operation of vessels in Malaysian waters is governed by the MSO. Pursuant to the MSO, all vessels carrying on domestic shipping activities in Malaysian waters must hold a Domestic Shipping Licence issued by the Domestic Shipping Licensing Board. We have obtained Domestic Shipping Licences for all the vessels available for charter by our Group carrying on domestic shipping activities in Malaysian waters. In addition, the MSO purports to reserve the national trade in domestic waters to Malaysian-owned companies and Malaysian-flagged vessels, by explicitly prohibiting non-Malaysian vessels from engaging in domestic shipping activities. Foreign owned vessels are only permitted to carryon shipping activities in Malaysia if there are no Malaysian-owned vessels that are able to meet the needs of the Malaysian petroleum exploration industry. The cabotage laws are however subject to exceptions under certain international trade agreements such as the GATS which requires local authorities to, in certain circumstances, treat foreign businesses and vessels in a manner no less favourable than accorded to local businesses and vessels.
7.22.3 Environmental regulations Our business is subject to Malaysian environmental regulations, in particular the EQA and the MSO. Generally, the EQA prohibits the discharge of any oil, pollutants or wastes in Malaysian waters, unless specifically licenced under the EQA. The agency responsible for implementing and monitoring compliance with these provisions is the DOE. Similarly, the MSO prohibits the discharge of oil or harmful substances into any part of Malaysian waters, coast or reef and compliance with this prohibition is regulated by the Marine Department.
7.22.4 Other relevant Malaysian laws and regulations Occupational health and safety Further to our commitment to maintain high standards of HSE, we must also ensure compliance with the OSHA which provides a legislative framework to promote standards for safety and health at work. Under the OSHA, we have a general duty to ensure the safety, health and welfare at work of all our employees. In addition, we also have a duty to ensure the safety and health of persons other than our employees, as far as is practicable. 144 7. BUSINESS (Cont’d) Labuan leasing activities In order for us to implement our business and leasing structure, we have to comply with the provisions of the lFSSA in respect of the letting or sub-letting of property on hire, inclUding the charter of ships by bareboat charter. Compliance with the lFSSA entails obtaining the approval of the lFSA in respect of our business and leasing structure and incorporation of a labuan company under the labuan Act.
7.22.5 International conventions The Government is a contracting party to a number of conventions adopted by the International Maritime Organisation (“IMO”). Such conventions are enforced in Malaysia by way of the Malaysian Shipping Notices issued by the Marine Department pursuant to the MSO as well as the regulations enforced pursuant to the MSO such as the Merchant Shipping (Tonnage) Regulations 1985. The relevant conventions that are applicable to our business operations are set out below: 7.22.5.1 MARPOl MARPOL is the main international convention that covers the prevention of pollution of the marine environment by ships from operational or accidental causes. The Marine Department enforces the provisions under MARPOl by requiring all ships operating in Malaysian territorial waters to obtain the International Oil Pollution Prevention Certificate, International Sewage Pollution Prevention Certificate and the International Air Pollution Prevention Certificate issued by itself or any of the Recognised Organisations. All the vessels available for charter by our Group operating in Malaysian waters have obtained the aforementioned certificates.
7.22.5.2 SOlAS SOlAS is an international maritime safety treaty that primarily specifies the minimum standards for the construction, equipment and operation of ships. In Malaysia, the Marine Department is responsible for ensuring compliance with the provisions of SOlAS and it does so by issuing or procuring the issuance of the appropriate certificates through the Recognised Organisations. We have obtained the relevant certificates required under SOLAS, including the Safe Manning Certificates, Safety Management Certificate and Cargo Ship Safety Equipment Certificates for all the vessels available for charter by our Group. ISM Code ISM Code is an international code that primarily provides an international standard for the safe management and operation of ships and for pollution prevention. The ISM Code was adopted in Malaysia pursuant to the requirements under SOlAS. In Malaysia, the Marine Department is responsible for ensuring compliance with the provisions of the ISM Code and it does so by issuing or procuring the issuance of a Document of Compliance and Safety Management Certificate, through the Surveyor-General of Ships and Recognised Organisations respectively. We have obtained the Documents of Compliance and Safety Management Certificates for all the vessels above 500 GT available for charter by our Group. 7. BUSINESS (Cont’d) ISPS ISPS is an international code containing a comprehensive set of measures to enhance the security of ships and port facilities, to detect security threats and take preventive measures against security incidents affecting ships or port faciiities used in international trade. The ISPS is implemented through Chapter Xi-2 of SOlAS. in Malaysia, the Marine Department is responsible for ensuring compliance with the provisions of the ISPS and it does so by issuing or procuring the issuance of an International Ship Security Certificate, through the Recognised Organisations. We have obtained Internationai Ship Security Certificates for all the vessels above 500 GT available for charter by our Group.
7.22.5.3 International Convention on load Lines (“ICll”) iCll is an international convention that primarily reguiates the maximum allowed draught of a ship and sets out the manner in which such markings are to be made on a ship. In Maiaysia, the Marine Department is responsible for ensuring compliance with the provisions of the iCll and it does so by issuing or procuring the issuance of an International load Line Certificate, or where appropriate, an International load Line Exemption Certificate, through the Recognised Organisations. We have obtained International load Line Certificates for all the vessels avaiiable for charter by our Group. 7.22.5.4 International Convention on Tonnage Measurement of Ships (“ICTMS”) ICTMS is an internationai convention that introduced a universal system of tonnage measurement for ships engaged on internationai voyages. In Maiaysia, the Marine Department is responsible for ensuring compliance with the provisions of the ICTMS and it does so by issuing or procuring the issuance of the lnternationai Tonnage Certificate through the Recognised Organisations. We have obtained internationai Tonnage Certificates for all the vessels avaiiable for charter by our Group.

7.22.6 Certificate of classification Certificate of classification is an attestation that a ship is in compliance with the classification rules that have been developed and pubiished by a maritime classification society (that is an independent, self-regulating and externaily audited body). The Certificate of Ciassification will be issued by the respective maritime classification society. The classification rules are generaiiy aimed at ensuring that the standards prescribed by conventions introduced by the iMO, such as SOlAS, are applied during the design, construction and operational life of the ship. A Certificate of Classification is viewed as evidence of compiiance by the ship with the requirements imposed under SOlAS. Accordingly, the classification process, and by extension the Certificate of Classification, provides some level of assurance that a particuiar element of a maritime operation is in compliance with a corresponding classification standard. I Company No. 984830-0 I 7. BUSINESS (Cont’d) All the vessels available for charter by our Group are classified by either the American Bureau of Shipping (“ABS”) or Bureau Veritas (“BV”) as follows: No. Vessel Classification Classification Body 1. ICON Azra
2. ICON Ikhlas
3. ICON Samudera
4. Icon Sophia
5. SK Line 77

6. Omni Marissa 7. Omni Stella
8. Tanjung B;ru 1

g, Tanjung Biru 2 10. Omni Victory • ffi A1 111•Towing Vessel. Fire Fighting Vessel Class 1. Offshore Support Vessel AH, (HPI. >BAMSI31•>B DPS-1 ABS
• >B A1 111•Towing Vessel. Anchor Handling Vessel, Fire Fighting Vessel Class 1, Offshore Support Vessel AH, ABS cejl’l, >B AMS(3), >B DPS-2
• >B A 1(1 ), Towing Vessel, Fire Fighting Vessel Class 1, Offshore Support Vessel AH, liDI’), ‘r. AMS(3), ‘r· DPS-1 ABS 1(4) >B (5)HULL(6) >B MACH(7) BV

• Tug: Special Service I Anchor Handling I Fire Fighting 1 • Unrestricted naVigation,• >B DYNAPOS AM/ATI11I • >B A1 111, Towing Vessel, AH, Fire Fighting Vessel Class 1, Offshore Support Vessel AH, @(2),>BAMSI31, >B DPS-2 ABS• >B A1 (1 ), Towing Vessel, AH, Fire Fighting Vessel Class 1, Offshore Support Vessel AH, ce:F), >B AMS(3) ABS• ffi A1(1), Towing Vessel, Fire Fighting Vessel Class 1, Offshore Support Vessel AH, @(2),>BAMS(31,>BDPS-1 ABS• 1(4) >B (5(HULL(6) >B MACHI?) BV• Tug; Supply Vessel; Fire fighting ship 11 Anchor Handling Vessell Offshore Supply Vessel-water spraying •
Unrestricted navigation • 1(4) ,] (5)HULL(6) >B MACH{n BV• Tug: Supply Vessel: Fire fighting ship 1 I Anchor Handling Vessell Offshore Supply Vessel -water spraying • • Unrestricted navigation 1(4) ~ (5)HULL(‘) >B MACHin BV• Tug: Fire fighting ship 1 -water spraying: Special service -anchor handling • Unrestricted navigation• • >B AUT-UMS:(9) >B ALMI10) 147 I Company No. 984830-0 I 7. BUSINESS (Cont’d) No. Vessel Classification Classification Body 11. Tanjung Puteri 1
12. Tanjung Puteri 2
13. Omni Tigris
14. Tanjung Dahan 1
15. Tanjung Dahan 2
16. Tanjung Dawai
17. Tanjung Sari
18. Tanjung Huma 1g. Omni Gagah

20. Omni Perkasa • • •  1(4 ) .. (5)HULLI6) .. MACHI?) Tug; Supply Vessel; Fire fighting ship 1 -water spraying; Special service I Anchor Handling Vessell Offshore Support Vessel Unrestricted navigation  BV  • • •  1(4) -,. (5)HULLI6) .. MACHI?) Tug; Supply Vessel; Fire fighting ship 1 -water spraying; Anchor Handling Vessell Offshore Support Vessel Unrestricted navigation  BV  • • • •  1(4) .. (5)HULLI6) .. MACHI?) Supply Vessel; Special Service Fire Fighting 1 I Anchor Handling / Offshore Support Vessel Unrestricted navigation .. DYNAPOS AM/AT(11 )  BV  •  .. A1 (1 ), Towing Vessel, Fire Fighting Vessel Class 1, Offshore Support Vessel AH, (j-:)1 21,” AMS (3 )  ABS  •  .. A1(1 ), Towing Vessel, Fire Fighting Vessel Class 1, Offshore Support Vessel AH, (j,pl, <. AMs(3)  ABS  • • •  1141 .. (5)HULL(6) .. MACHI?) Tug; Supply Vessel; Fire fighting ship 1 -water spraying; Offshore Support Vessel; Special Service -Anchor Handling Unrestricted navigation  BV  • • •  1(4) .. (5)HULLI6) .. MACHI?) Tug; Supply Vessel; Fire fighting ship 1; Special Service / Anchor Handling / Offshore Support Vessel Unrestricted navigation  BV  •  .. A1(1 ), Towing Vessel, Fire Fighting Vessel Class 1, Offshore Support Vessel AH, ClD (2),” AMs(3)  ABS  • • •  1(4) .. 15IHULL(6) .. MACHI?) Supply vessel; Fire fighting ship 1; Special service / Anchor Handling Unrestricted navigation  BV  • • •  1(4) .. (5)HULLI6) .. MACH(7) Supply vessel; Fire fighting ship 1; Special service / Anchor Handling Unrestricted navigation  BV  148
I Company No. 984830-0 7. BUSINESS (Canl’d) No. Vessel Classification Classification Body 21. Omni Emery 1
22. Omni Anteia
23. Omni Akira
24. Tanjung Piai 1
25. Tanjung Pinang 1
26. Tanjung Pinang 2
27. Tanjung Pinang 3
28. Tanjung Pinang 4
29. Tanjung Gaya
30. Tanjung Manis

• 1(‘) ‘” (5)HULL(6) ‘” MACH() BV
• Tug; Special service -Anchor Handling Vessel

Unrestricted navigation• 11’1 ‘” l’IHULL161.181 MACHI7} BV• Tug; Fire fighting ship 1 -water spraying Special Service -Anchor Handling Vessel • Unrestricted navigation• 11’1 ‘” 151HULLI61 .181MACHI7} BV• • Tug; Special service -Anchor Handling / Offshore Support Vessel Unrestricted navigation• • 1 141 ‘” 151HULLI61 ‘” MACHI7} BV Supply vessel; Fire fighting ship 1 WS -fiash point> 60’C-oil product • Unrestricted navigation• • ‘” OYNAPOS AM/AT RI121 ‘” A1111•Towing Vessel. Fire Fighting Vessel Class 1. Offshore Support Vessel, @121,,”AMSI31 ABS• • ‘”A1111•TowingVessel.FireFightingVesselCiass 1,OffshoreSupportVessel.WPI,'”AMSI31 ABS ii41 ‘” 151HULLI61 ‘” MACHI7} BV• Tug; Suppiy Vessei; Fire Fighting ship 1 • Unrestricted navigation• (4• 1) ‘” 15!HULL(6) ‘” MACHI7} BV
• Tug; Supply Vessei; Fire Fighting ship 1

• Unrestricted navigation 141 5• 1′” 11HULLI61 ‘” MACHI7} BV Tug; Supply Vessel; Utility Vessel Fire Fighting ship 1 -water spraying • • Unrestricted navigation I31• ‘”A1111•FireFightingVesselCiass1. o-JI’I,'”AMSABS 149 I Company No. 984830-0 I 7. BUSINESS (Cont’d) No. Vessel Classification Classification Body 31. SK Line 80 1141 !I; 151HULLI61 •• MACHI7} BV• • Tug; Special Service / Anchor Handling / Fire-fighting 1
• Unrestricted navigation !I; DYNAPOS AM/ATI)11

 

• 32. SK Line 600 • !I; A1 I11, Fire Fighting Vessel Class 1, Offshore Support Vessel, Special Purpose Ships, @(2},!I;AMSI31, !I; DPS-2 ABS Notes: OJ Hull and equipment. “J A classification symbol signifying that the equipment of anchors and chain cables of the vessel is in compliance with the requirements of the Rules for BUilding and Classing Steel Vessels of ABS, or with the requirements corresponding to the service noted in the vessel’s classification which have been specifically approved for the particular service. “J Machinery, boiler and systems. I’) The class symbol I is assigned to ships built in accordance with the requirements of the Rules for the Classification of Steel Ships or other rules recognised as equivalent, and maintained in a condition considered satisfactory by av. “J The mark i.1< is assigned to the relevant part of the ship, when it has been surveyed by av during its construction in compliance with av’s new building procedures, or when it is changing class from an International Association of Classification Society (“IACS Society”) at the ship’s delivery or when class is being added to an lACS Society’s clas$ at ship’s delivery in accordance with specific procedures. ‘OJ HULL stands for the hull of the ship. m MACH stands for the machinery installations. (8J The mark. is assigned to the relevant part of the ship, where the procedure for the assignment of classification is other than those detailed in note (5) and where the ship is classed after construction in compliance with the procedures of ships classed with an lACS Society, and it is changing class from an lACS Society at the time of admission to class, but however deemed acceptable. “J Unattended machinery space (AUT-UMS) is an additional class notation assigned to ships which are fitted with automated installations enabling machinery spaces to remain periodically unattended in all sailing conditions including manoeuvring. (to) This class notation is assigned to ships fitted with lifting appliances meeting the Rules for the Classification and the Certification of Cranes onboard Ships and Offshore Unit. ALM symbolises appliances intended to be used in offshore conditions for various lifting operations exclusive of the appliances intended to be used at harbour, for loading or unloading cargoes, equipment, spare parts or consumable. (11) The additional class notation DYNAPOS is assigned in accordance with the Rules for the Classification of Steel Ships, to ships fitted with DP installations complying with the requirements in the aforesaid rules. The notation DYNAPOS is completed by one or more optional additional symbols according to the operational mode of the installation: where AM stands for ‘automatic mode’ where position keeping is automatically achieved; and AT stands for ‘automatic tracking’ where the unit is maintained along a predetermined path, at a preset speed and with a preset heading which can be completely different from the course. 150 7. BUSINESS (Cont’d) (12) The notation DYNAPOS AM/AT may be completed by the symbois ‘R’ when the DP is provided with redundancy means; ‘redundancy’ means the ability of a component or system to maintain or restore its function, when a single failure has occurred. Redundancy can be achieved, for instance, by installation of multiple components, systems or alternative means ofperforming a function.

 

7.23 Corporate social responsibility We believe in giving back to the community through our corporate social responsibility initiatives. We have been a strong supporter of the Dyslexia Association of Malaysia’s activities and in 2013, we sponsored the Dyslexia Association of Malaysia in its efforts to train teachers and psychologists in Malaysia to assess students with learning difficulties through a workshop where foreign experts were flown to Kuala Lumpur, Malaysia to instruct teachers on various tests and teaching methods that have been developed to recognise students with learning disabilities. We are also dedicated to promoting education through our sponsorship of a tuition programme in Kemaman, Terengganu, Malaysia which otarted in 2014. As at the LPD, we have confirmed our sponsorship of four schools in Kemaman, namely Sekolah Menengah Kebangsaan Kijal, Sekolah Menengah Kebangsaan Ayer Puteh, Sekolah Kebangsaan Payoh and Sekolah Kebangsaan RKT Seberang Tayor. As we have operations in Kemaman, we believe the tuition programme is an important part of our corporate social responsibility efforts to improve living standards of the community and help educational development in the area.
7.24 Material properties Details of the material properties owned and leased or tenanted by our Group are set out in Annexure B of this Prospectus.
7.25 Highly dependent contracts As at the LPD, save as disclosed in items 1 to 65 in Annexure A of this Prospectus, there are no contracts, agreements, arrangements or other matters which have been entered into by or issued to us, which we are highly dependent on. [The rest of this page has been intentionally left blank]

 

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