Malaysia’s Icon Offshore has revealed a major fleet expansion, including diversification into dry bulk shipping.
The Kuala Lumpur-listed owner is spending a total of MYR 394m ($91m) to acquire vessels from the private fleet of Lim Han Weng, 71, the founder of domestic floating production, storage and offloading vessel and tanker company Yinson.
Icon said the acquisitions will be paid for in its shares. It did not specify the stake that Lim will hold when the deals go through.
The company already has 20 ships: 15 anchor-handling tug supply units, two platform supply vessels and three accommodation ships, worth about $160m according to VesselsValue.
Icon is paying MYR 182 for 100% of Lim’s Liannex Fleet, which was set up in Singapore earlier this year.
Liannex is a shipbroker and manager, and owns 36 ships, including tugs, barges and two bulkers.
Shipping databases list a 2009-built supramax in the fleet.
Icon is also snapping up 51% of Yinson Power Marine for MYR 18m.
This company owns three tugs and barges.
Then there is Regulus Offshore, in which Icon is acquiring 71% for MYR 136m.
The company is owned by Yinson Power Services and has two AHTS units and a PSV.
Port deals
Icon will take 100% control of Yinson Camellia, which owns another AHTS and a PSV, for MYR 24m.
There are also deals for stakes in Vietnamese port companies controlled by Lim.
In addition, Icon is spending MYR 43.5m on holdings in companies that own two accommodation workships, which are owned by Zell Transportation.
Yinson has six FPSOs and a VLCC.
