PETALING JAYA: Lianson Fleet Group Bhd (LFG), formerly known as Icon Offshore, has signed a non-binding term sheet with Vietnam’s PetroVietnam Drilling & Well Service Corporation (PVD) to explore a joint venture (JV) aimed at expanding their presence in the regional offshore drilling market.
The planned JV would own and charter drilling rigs, with an initial target of acquiring two jack-up rigs for the Malaysian market.
Both parties also intend to offer drilling-related and decommissioning services, subject to a finalised shareholders’ agreement. LFG plans to hold 51% of the JV, while PVD would own 49%, though the structure may change pending further negotiations.
LFG said the partnership would allow it to broaden its offshore oil and gas service offerings while reducing the capital burden of entering the drilling segment independently.
PVD, an established regional provider, is expected to contribute technical expertise and market access in ASEAN. The parties aim to finalise the definitive agreement by the first quarter of 2026.
