Icon Offshore to add 40 ships in deals with Yinson and Liannex – Splash247

Malaysian OSV owner Icon Offshore is set to swell its fleet via multiple deals that include compatriot Yinson Group and a company controlled by Yinson’s founder and chairman Lim Han Weng.

The Bursa Malaysia listed firm with around 20 OSVs will be adding 40 additional ships, 36 of which from Lim’s Liannex Corp, while the remaining vessels will come from Yinson’s businesses, including Regulus Offshore. 

Singapore-incorporated Liannex Fleet owns 36 vessels, comprising 17 tugs, 17 barges and two bulk carriers. The deal is worth about $42m in shares and subject to the approval of Icon’s shareholders and relevant government authorities.

The Yinson deal is priced at $37m, also in shares, and will give the company a minority stake and a board seat in Icon, which is chaired by Lim’s son, Lim Chern Wooi. Yinson said the disposal is part of the company’s plan to focus on FPSO and energy transition business segments.

Meanwhile, Icon said the expanded fleet will allow the group to increase its operational capacity and service coverage as well as expand its existing customer base. 

Icon is also acquiring several companies related to Yinson, including the entire stake in OSV chartering unit Yinson Camellia, as well as Yinson Port Ventures and Yinson Premier, which have businesses in Vietnam. The company has also moved to take full control of its vessel chartering businesses, Icon Bahtera and Icon Waja. These transactions are also expected to be paid in shares.