Lianson Fleet Group Bhd, formerly trading as Icon Offshore Bhd, has announced the proposed disposal of one of its offshore support vessels for RM32.02 million in cash. The buyer is Huashun Shipping (Liberia) Inc, a wholly owned subsidiary of Shenzhen Huawei Offshore Shipping Transport Co Ltd.
The divestment is part of LFG’s broader fleet rejuvenation strategy aimed at modernising its assets to meet evolving requirements in the oil and gas sector. This move also complements the group’s recent rebranding efforts and long-term strategic shift from being a traditional offshore support vessel (OSV) operator towards a more diversified portfolio across multiple vessel classes.
“This also aligns with LFG’s rebranding and long-term strategy to diversify from being a pure-play offshore support vessel (OSV) player into other vessel asset classes, supporting our pivot towards new markets and strengthening our long-term growth and operational flexibility,” the company stated in a filing with Bursa Malaysia.
The asset in question is a Malaysian-flagged DP-2 anchor handling and supply tug (AHTS), built in 2010. With a deadweight tonnage of 2,524 tonnes and a static bollard pull capacity of 108 tonnes, the vessel was acquired in March 2011 for RM65.82 million. As of end-May 2025, its net carrying value stood at RM22.57 million. The vessel was last independently valued at US$5.70 million in December 2024.
The disposal is expected to be completed by the end of August 2025. LFG anticipates an estimated gain of RM8.15 million from the sale, net of associated costs.
Proceeds from the sale will be allocated for general corporate purposes and to support the group’s future growth and strategic initiatives.
Shares in LFG closed at 88.5 sen on Tuesday, up one sen or 1.1%, giving the group a market capitalisation of RM756.6 million. Despite the gain, the stock has declined 11.5% year-to-date.
-The Edge
