This article first appeared in The Edge Malaysia Weekly on August 12, 2024 - August 18, 2024

Last week, local media reported an explosion on a platform supply vessel (PSV) belonging to offshore support vessel provider Icon Offshore Bhd (KL:ICON) in the waters off Bintulu, Sarawak, in which two people were killed and a third suffered serious injuries.

According to maritime news portal Baird Maritime, the incident occurred on Aug 2 while the company’s vessel, PSV Icon Amara was in the waters off Samalaju, Bintulu. The blast had reportedly originated in the engine room and the force of the impact blew the engine room’s main door off its hinges. Local police clarified that the incident was accidental in nature as no evidence of criminal involvement was found, the report said.

However, a check on Bursa Malaysia showed that, until press time, Icon Offshore, a public-listed company, had made no announcement on the incident which, given the seriousness of the situation, is more than a little odd.

In the past, listed corporations have made immediate public disclosures of incidents that are considered material, such as a fire at their factories and whether the property damage would lead to financial and operational impact.

For example, in October 2020, Dayang Enterprise Holdings Bhd (KL:DAYANG) had made a filing with Bursa after one of its vessels was involved in an incident off Miri on the day itself. The disclosure was brief but sufficient to inform investors that rescue and recovery efforts were being undertaken and that the vessel, MV Dayang Topaz, had not sunk and was still seaworthy. It was clarifying earlier reports that the impact had resulted in major damage to the vessel, causing it to sink. The vessel had reportedly hit an offshore oil platform in adverse weather conditions, resulting in 125 of its crew members jumping overboard.

Today, social media’s influence is far-reaching and significant. So instead of leaving investors with uncertainty, it is hoped that companies will provide disclosures of information to ensure accuracy and transparency.

By right, Icon Offshore should announce such a material incident and not keep mum about it.

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