Malaysia’s Icon Offshore In Advanced Talks To Buy MRO Business
- Planned deal expected to deliver new earnings stream
- Icon hopes to wrap deal before the end of this year, MD says
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Malaysian offshore oil and gas services firm Icon Offshore Bhd. is in advanced talks to buy a maintenance, repair and operations business that will help it diversify earnings and boost profitability, its top executive said on Monday.
“We are preparing for the next phase of growth with this potential acquisition,” managing director Hadian Hashim, 64, told Bloomberg News in an interview at Icon’s headquarters in Kuala Lumpur. “We hope to wrap up the deal before the end of the year. The acquisition will provide us with a new earnings stream while reinforcing our position in Brunei and help us to expand regionally.”