Freshly-merged Malaysia-based offshore supply vessels owner Icon Offshore is aiming to get listed in Kuala Lumpur by 2014 on a market capitalisation of MYR1bn ($326.8m), Seatrade Asia online reports.
Icon Offshore is a marriage between Tanjung Kapal Services and Omni Petromaritime. Government-owned equity firm Ekuiti Nasional (Ekuinas) holds 88.1% stake in Icon Offshore.
Ekuinas chief executive Abdul Rahman Ahmad said Icon Offshore has the necessary track record to be publicly listed today, but the management feels it can maximise the value by growing the company privately.
“That is why we have set 2014 as the deadline, although it can be earlier,” he said.
Icon Offshore commands 13% share of the anchor handling tug supply (AHTS) vessels market as well as a fleet of 28 vessels with two more under construction, making it the third largest OSV operator in Malaysia.
The top two OSV players are Bumi Armada and Alam Maritim Resources with 43 and 33 vessels respectively.
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