KUALA LUMPUR: Offshore support vessel (OSV) provider Icon Offshore Bhd aims to raise about RM450 million from its initial public offering (IPO), targeted for next year, to fund its fleet expansion programme in the next two years.
Chief executive officer Dr Jamal Yusof said 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 Southeast Asia," he said recently.
Currently, the company has 32 vessels and operates in Qatar, Vietnam, Thailand and Malaysia.
Jamal said the company plans to increase human capital development through various in-house training modules.
On the progress of the IPO, he said the company is in the midst of assessing the potential investment bank to submit its application, as well as conducting book building as the joint global coordinator.
He said the selected bank will be announced by the end of this month and the company hopes to be listed on the Main Market of Bursa Malaysia by May or June next year.
On the strength of Icon Offshore moving forward, he said the company offers a younger fleet with newer technology, wide geographical reach, low-cost structure and a good track record of health and safety.
He said the company's average fleet age is about three- to four-years-old, with experienced crew inherited from the merger of Tanjung Kapal Services Sdn Bhd and Omni Petro Maritime Sdn Bhd last year to form Icon Offshore.
On regional development, he said Icon Offshore is in talks with a party in Indonesia to establish a joint venture that will help to tender for jobs in the country, adding that negotiations are expected to be concluded this year before the company submits its listing application to Bursa Malaysia.
Ranked among the top three OSV companies in Malaysia, with an annual turnover of RM270 million, Icon Offshore has around 1,000 employees, including 800 marine crew and 145 office workers in Kuala Lumpur, Labuan and Kemaman. Bernama