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    ICON Offshore CEO and COO granted leave of absence

    Company News // May 1, 2015

    ICON Offshore has confirmed that its CEO and COO have been granted leave of absence as speculation about the company's affairs continues.

    "While there has been intense interest in the nature and details of the investigation to which our CEO and COO are assisting in, we are not at liberty to disclose matters under on-going investigation based on legal advice received that this may pose a risk of interfering with the relevant authority’s investigation," said the company.

    "Accordingly, this statement is limited to matters concerning the immediate steps we are taking to ensure that the company’s business is not affected by undue speculation. It is also made in the interest of transparency to all our stakeholders and to enable the company to carry on business as usual.

    "The Board of ICON has decided on the following course of action: the CEO and COO of the company have sought, and been granted, leave of absence for a period of up to six months beginning 27 April 2015 to enable them to focus on assisting the relevant authority in the on-going investigations; in their absence, the board has agreed that Captain Hassan Ali, the current Deputy CEO, will assume the leadership position and continue to discharge all responsibilities of CEO."

    "The board reiterates its earlier statement that it takes serious exception to any breaches in policies and integrity and as part of its active stewardship of the company, will, if later found appropriate, undertake a comprehensive review of any allegations made and seek to further enhance corporate governance within the company going forward."

    The company said the board wishes to reassure shareholders and business partners, as well as its 300-strong workforce, that its business operations remain unaffected by the current challenges and continue as usual.


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