Malaysia’s Icon Offshore is well placed to hoover up other offshore players, a new research report out claims. Maybank reckons the presence of private equity firm Ekuiti Nasional Bhd (Ekuinas) as Icon’s largest shareholder makes it an “M&A hotbed”.
“Icon Offshore managing director Amir Hamzah has signed in for work since March 1. His appointment, coupled with Petronas’ call for consolidation in the OSV market and Ekuinas’ role as the government’s private equity fund makes Icon Offshore a M&A hotbed,” said Maybank research analyst Liaw Thong Jung.
Ekuinas has a 42% stake in Icon Offshore, one of the largest OSV service providers in Malaysia.