Business

Published: Tuesday November 20, 2012 MYT 1:48:00 PM
Updated: Tuesday November 20, 2012 MYT 4:10:25 PM

Ekuinas to list OSV unit in 2014 (Update)

By John Loh


KUALA LUMPUR: Ekuiti Nasional Bhd (Ekuinas) aims to list its newly-merged offshore supply vessel (OSV) unit Icon Offshore Bhd by 2014.

The government-linked private equity firm owns a controlling 88.1% stake in Icon Offshore, which is the third largest OSV operator in the country with a fleet of 28 vessels and two under construction.

Speaking to reporters on Tuesday, Ekuinas chief executive officer Datuk Abdul Rahman Ahmad said Icon Offshore was already eligible to be floated on the market today based on its track record.

"However, we would like for it to reach a significant size first so we can maximise value," he said at its launch.

The merged entity has also targeted to grow its revenue by 20% per annum prior to being listed, he added. Its consolidated revenue currently stood at RM245mil.

The combination of mid-sized OSV players Tanjung Kapal Services Sdn Bhd and OMNI Petromaritime Sdn Bhd, Icon Offshore is Ekuinas' largest investment to date at RM484.1mil.

It has an asset value of RM1.2bil, a market share of 13% in the anchor handling tug supply segment and is already "highly portable" according to Ekuinas chairman Raja Tan Sri Datuk Sri Arshad Raja Tun Uda.

Icon Offshore's average fleet age is 3.5 years, one of the youngest in the market.

Tanjung Kapal was previously the wholly-owned marine services arm of Tanjung Offshore Bhd.

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