Icon Offshore moves to expand offshore business with rig acquisition

Malaysian offshore vessel operator Icon Offshore is looking to acquire a subsidiary of Perisai Petroleum that owns the jackup rig Perisai Pacific 101, Malaysian media The Star reports.

According to The Star, Icon Offshore will buy the Perisai unit for a price of $40m. VesselsValue’s valuation on the 2014-built rig is $58.3m.

Icon Offshore currently operates in the OSV sector and the acquisition will significantly expand its offshore service offerings.

Icon Offshore suffered losses for four out of the six last financial years, however the company reported a net profit of MYR20.36m ($4.75m) for the first quarter of this year.

Perisai Petroleum has been under financial pressure since 2016 and the company was delisted from Bursa Malaysia in January. The company currently owns a fleet of one FPSO, one jackup rig and nine OSVs.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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