Icon Offshore has entered into an agreement with Yinson Malaysia and Regulus Offshore, a company controlled by Yinson’s founder and chairman Lim Han Weng, as well as Singapore’s Liannex Corporation, with the aim of adding 40 new vessels to Icon Offshore’s fleet in the form of shares. The total value of the deal is $79 million.
Under the agreement, Icon Offshore plans to own 36 vessels in the Liannex fleet, including 17 tugs, 17 barges and two bulk carriers, for $42 million, subject to approvals from Icon Offshore shareholders and relevant government authorities, and four vessels in Regulus Offshore for $37 million.Yinson will receive a minority stake in Icon Offshore and a board seat.
Icon Offshore said the transaction will help the company expand its fleet size and enhance its operational capabilities, service coverage and expand its existing customer base. Upon completion of the transaction, the company’s fleet will increase to 60 vessels.
Notably, Icon Offshore is chaired by Lim Chern Wooi, the son of Lim Han Weng.Yinson said the sale was part of the company’s plan to focus on FPSOs and the energy transition business.
In addition to the deal with Regulus Offshore, Icon Offshore is in the process of acquiring several other Yinson-related companies, including all of OSV charterer Yinson Camellia, Yinson Port Ventures, which operates in Vietnam, and Yinson Premier.