Icon Offshore subsidiary forms joint venture with vessel sale

Icon Kayra (L) has sold an offshore workboat, Icon Kayra (3,501 dwt, built 2014) for $32m to Icon Bahtera (B), another subsidiary of Malaysia-listed Icon Offshore.

The sale consideration is based on an independent market valuation performed on the asset, an exchange filing said today.

When the ship management contract for the Icon Kayra commences, Icon Bahtera will become a joint-venture company between Icon Fleet and Brunei-based Zell Transportation.

The two companies on Wednesday entered into a conditional joint-venture agreement to operate the JV company, which is incorporated in Brunei.

Icon Kayra has an annual management fee of BND 300,000 to BND 360,000 ($213,000 to $256,000).

Icon Bahtera invests, acquires, owns and leases offshore support vessel to the oil and gas industries, and handles contracts and operations in Brunei Darussalam. Zell Transportation mainly handles vessel chartering and is registered with Brunei Shell Petroleum.


Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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