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Icon Offshore seen raising $142m from IPO next yearIcon Offshore seen raising $142m from IPO next year

Malaysian offshore support vessel (OSV) provider Icon Offshore Bhd plans to raise about MYR450m ($141.5m) from its initial public offering (IPO), targeted for next year, according to local media reports.

Vincent Wee, Hong Kong and South East Asia Correspondent

October 15, 2013

1 Min Read
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Icon is raising money to fund its fleet expansion programme over the next two years, which will see it building three to five vessels to boost its overseas business. Ceo Jamal Yusof was quoted as saying Icon wants to build modern, high-tech vessels to grow its business overseas by having a larger footprint. Areas to be covered include the Middle East and Southeast Asia.

Icon currently has 32 vessels and operates in Qatar, Vietnam, Thailand and Malaysia.

The company is in the process of selecting which bank to use and Jamal said the chosen bank will be announced by the end of this month with the listing to be completed by May or June next year.

Icon is also in talks with a party in Indonesia to establish a joint venture that will help it in tenders for jobs there. Negotiations are expected to be concluded before the company submits its listing application to Bursa Malaysia.

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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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