Icon Offshore plans IPOCompany News // October 18, 2013
Malaysian OSV company Icon Offshore Bhd says it hopes to raise RM450 million from an initial public offering (IPO) next year, in order to fund its fleet expansion programme.
Chief executive officer Dr Jamal Yusof told local media that, with the proceeds from the listing, the company plans to build three to five vessels to grow its business overseas, apart from paying off its debts and for working capital needs.
"We want to build modern and higher technology vessels. We want to grow our business overseas by having a larger footprint, possibly in the Middle East and also in Southeast Asia," he told Bernama.
Currently, the company has 32 vessels and operates in Qatar, Vietnam, Thailand and Malaysia.