PETALING JAYA, Lianson Fleet Group Bhd (LFG), formerly known as Icon Offshore Bhd, has announced that its indirect wholly-owned subsidiary, Icon Biru 1 (L) Inc, is disposing of one of its offshore vessels to MAG Offshore Investments LLC for a total cash consideration of RM92.57 million.
In a filing with Bursa Malaysia, LFG said the vessel is a Malaysian-flagged DP-2 accommodation workboat, built in 2013, with a deadweight tonnage of 3,500 tonnes and the capacity to house up to 200 personnel.
The group explained that the disposal forms part of its wider fleet rejuvenation and optimisation programme, which is aimed at modernising its vessel portfolio to remain competitive and responsive to changing market needs, particularly within the oil and gas industry.
“The divestment is consistent with our long-term strategy of rejuvenating our fleet by phasing out older assets and exploring new vessel asset classes. This ensures that we continue to align with the evolving requirements of our clients while enhancing operational efficiency,” LFG said in its statement.
The company also highlighted that the disposal supports its ongoing rebranding exercise and diversification strategy, which seeks to transition the group from being a pure-play offshore support vessel provider into a broader marine logistics and offshore solutions player. By streamlining its existing assets and strengthening its balance sheet, LFG aims to build greater resilience and capture growth opportunities in both traditional and emerging markets.
Proceeds from the disposal are expected to be used for working capital requirements, debt reduction, and reinvestment into newer, more versatile vessel types that can meet higher industry standards and cater to a wider range of operational demands.
“The move strengthens our ability to pivot towards new markets, increase flexibility in fleet deployment, and reinforce the group’s long-term growth trajectory,” it added.
LFG emphasised that the disposal is not expected to have any material adverse effect on the group’s earnings for the financial year ending Dec 31, 2025, but will contribute positively to its long-term financial health by reducing borrowings and supporting its strategic repositioning.
