Yinson Sells Marine Fleet to Icon Offshore for RM160 Million

In a major deal reflecting Southeast Asia’s increasingly dynamic oil and gas industry, Yinson, one of Malaysia’s offshore energy giants, is divesting its entire offshore marine business, Regulus Offshore, to Icon Offshore. The deal, worth RM160 million ($36.8 million), will see Yinson handing over two anchor handling tug supply (AHTS) vessels and one platform supply vessel (PSV) to Icon. This transaction builds on a long history of cooperation between Malaysia’s marine and energy sectors, stretching back to the country’s oil boom in the 1970s.

‍

Icon’s Big Leap

For Icon Offshore, this acquisition is a strategic move to strengthen its fleet and expand its footprint in Southeast Asia’s offshore market. Along with acquiring the vessels from Regulus Offshore, Icon will take over Yinson Camellia, a subsidiary that operates additional offshore vessels, and gain a 51% stake in Yinson Power Marine, which owns three steel tugboats and three steel barges. Tugboats are essential for moving and positioning vessels in offshore construction and drilling operations, while barges are used to transport heavy cargo such as drilling equipment. This acquisition allows Icon to significantly enhance its capacity to support offshore drilling and logistics. With Icon already a leader in Malaysia’s offshore support vessel (OSV) market—an industry dedicated to providing logistical and operational support to oil platforms—this deal marks a major step forward.

Yinson’s Focus on FPSOs

Yinson’s decision to sell Regulus Offshore is part of a larger strategy to focus on its core business: Floating Production, Storage, and Offloading (FPSO) units. FPSOs are specialised vessels used to process and store oil directly at offshore drilling sites, especially in remote areas where pipelines aren’t feasible. By making this shift, Yinson is honing its focus on high-value operations that align with its long-term energy transition goals, including investments in renewable energy and green technology. While exiting the offshore marine sector, Yinson remains involved in the market through a minority stake and a board seat in Icon Offshore, allowing the company to maintain influence over the future direction of the marine sector. 

Shaping the Future of Southeast Asia’s Offshore Sector

This deal signals a significant shift in the region’s offshore industry. Yinson’s move to divest from its marine operations and focus on FPSOs and renewable energy speaks to the growing pressure on traditional oil and gas companies to adapt to global energy transition trends. For Icon Offshore, the acquisition strengthens its presence in the offshore support vessel (OSV) market, a critical component of Southeast Asia’s thriving offshore oil operations. The increased capacity from this deal positions Icon to support more complex and large-scale drilling projects, while Yinson’s focus on green technology could lead to new innovations in sustainable offshore operations. This realignment enables both companies to prepare for a future where efficiency, flexibility, and sustainability will define the offshore energy landscape.