Icon explores M&A amid depressed asset prices

Icon Offshore was formed as a result of the merger between Tanjung Offshore’s OSV business and Omni Petromaritime Sdn Bhd.

ALTHOUGH Icon Offshore Bhd’s share price has fallen by more than 50% since its initial public offering (IPO) last year, the company is on the lookout for acquisition targets by taking advantage of depressed asset prices, sources say.

“Icon is on the lookout, especially in the region, for bolt-on acquisitions,” one source says.