KUALA LUMPUR (July 1): Lianson Fleet Group Bhd (KL:LFG), formerly known as Icon Offshore Bhd, has proposed to dispose of a vessel to a Liberia-based firm for RM32.02 million in cash.

The offshore support vessel company said the sale of the vessel to Huashun Shipping (Liberia) Inc, a wholly owned subsidiary of Shenzhen Huawei Offshore Shipping Transport Co Ltd, is part of its ongoing fleet rejuvenation efforts to modernise and replace its fleet in line with evolving market demands of the oil and gas industry.

"This also aligns with LFG’s rebranding and long-term strategy to diversify from being a pure-play offshore support vessel (OSV) player into other vessel asset classes, supporting our pivot towards new markets and strengthening our long-term growth and operational flexibility," LFG added in a bourse filing.

The vessel is a Malaysian-flagged DP-2 anchor handling and supply tug (AHTS) built in 2010, with a deadweight tonnage of 2,524 tonnes and a static bollard pull capacity of 108 tonnes. It was acquired in March 2011 for RM65.82 million and its net carrying value was RM22.57 million as of end-May 2025.

The vessel was last valued at US$5.70 million in December 2024, based on an independent valuation.

LFG said the disposal is expected to be completed by the end of August and the estimated gain on disposal, net of associated costs, is RM8.15 million.

The proceeds will be used for general corporate purposes and to support LFG’s future growth and strategic initiatives, the company said.

Shares of LFG closed one sen or 1.1% higher at 88.5 sen on Tuesday, giving the company a market capitalisation of RM756.6 million. The stock has fallen 11.5% year-to-date.