Value Creation Case Studies

Icon Offshore Berhad (ICON)

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Icon Offshore Berhad (ICON)

Background

  • Icon Offshore Berhad (ICON) is the largest Offshore Support Vessel (OSV) provider and one of the largest in Southeast Asia in terms of number of OSVs.
  • The company has 22 active vessels operating in waters off Malaysia and Brunei with history of international operations in six Southeast Asian countries. ICON also owns and operates a jack-up drilling rig within Malaysian waters.

Investment Rationale

  • Strong track record of delivering growth.
  • Platform for building one of the largest local OSV players.

Transaction Details

Investment type
Majority investment in a strong Malaysian company
Acquisition Date
November 2012, merger of TKS and Omni
Ownership
56.9%
Partial Divestment
June 2014

Key Value Creation Metrics

  • Buy & Build Strategy

    • Following Ekuinas initial investment into Tanjung Offshore Berhad (TOB) in 2010, the marine business under Tanjung Kapal Services (TKS) was demerged in 2012 and we disposed the remaining investment in TOB
    • Ekuinas also acquired Omni Petromaritime Sdn Bhd (OMNI), another OSV player in Nov 2012
    • Ekuinas then initiated a merger between TKS and OMNI under Icon Offshore Bhd with the aim of creating a leading Malaysian OSV player.

Ekuinas toiled with us to achieve our objective of becoming a listed company. I am grateful for all their assistance in this process. I would advise companies to grab the opportunity to work with a private equity firm. They have the skills, expertise and knowledge to take your business to the next level.

Dr Jamal Yusof

Previous Chief Executive Officer of ICON Offshore Berhad