Icon Offshore renames as Lianson Fleet Group

PETALING JAYA: Icon Offshore Bhd has received shareholders approval for the proposed acquisitions and name change to Lianson Fleet Group Bhd (LFG).

In a statement, the offshore support vessel provider said it had earlier proposed to acquire equity stakes in Liannex Fleet Pte Ltd, Yinson Power Marine Sdn Bhd, Regulus Offshore Sdn Bhd and Yinson Camellia Sdn Bhd along with the consolidation of its ownership in Icon Bahtera (B) Sdn Bhd and Icon Waja (L) Inc for a total consideration of RM403.5mil.

“The acquisitions will be fully satisfied through the issuance of 458.5 million new ordinary shares of LFG at RM0.88 per share. This will increase LFG’s fleet size with 40 additional marine assets.

“The acquisitions, expected to be completed by early February 2025, will mark a significant milestone for LFG, aligning with its long-term strategic goals to strengthen its asset base and enhance its overall capabilities in offshore marine, energy and transportation services.”

Meanwhile, the company said the proposed name change to LFG underscored its dedication towards reinforcing its market presence to better align with its expanded business activities.

“The group seeks to strengthen its brand recognition and enhance its position as a prominent force within the dynamic offshore marine, energy and transportation services sector.

“This change is a testament to the Group’s forward-looking approach and commitment to drive long term sustainable growth for its stakeholders.”