What ICON Engineering does

ICON Engineering Pty Ltd is a privately held Australian specialist engineering services company headquartered in Perth, Western Australia, founded in 1997. The company provides multi-discipline engineering services, proprietary drilling and completions equipment, and offshore installation execution to oil and gas operators and drilling contractors globally, with a focus on offshore upstream projects. Its service portfolio spans concept studies, FEED, detailed engineering, project management, decommissioning studies, and commercial/M&A technical due diligence, delivered through a horizontal segmentation approach across upstream operators, drilling contractors (MODU owners), and field development projects.

ICON's technology stack is anchored in proprietary mechanical engineering IP. Its product lines include Heave Compensated Tension Lift Frames, the ARTP Back-Up Heave Compensated Tension Lift Frame series (B/C/D/E), Conductor Tensioning Systems (CTUs and TTS), Wireline and Coiled Tubing Lift Frames, and custom drilling equipment such as In-Line Drill String Motion Compensators and Marine Riser Tensioning systems. The company is recognized as the world leader in installing offshore platforms using jackup drilling rigs and operates the Perth yard facility at the Henderson Australian Maritime Complex for equipment testing and fabrication. Its revenue model blends professional services (engineering and project management), hardware (equipment design, fabrication, and rental), and turnkey installation execution, with pricing structured as quote-based project engagements. Customer concentration is high within the offshore oil and gas sector, with repeat enterprise relationships across Woodside, INPEX, BHP, Chevron, Santos, Hess, ENI, Valaris, and Diamond Offshore, alongside mid-market operators.

Name

ICON Engineering

Legal name

ICON Engineering Pty Ltd

Website

https://iconeng.com.au

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

51–100 employees

Short description

ICON Engineering is a privately held Perth-based specialist engineering services firm founded in 1997, serving offshore oil and gas operators and drilling contractors with proprietary drilling equipment, platform installation via jackup rigs, subsea support, and multi-discipline engineering across the project lifecycle.

Ownership category

akta.pro rank

Product category

Offshore Engineering Services

NAICS

Engineering Services (54133), Oil and Gas Field Machinery and Equipment Manufacturing (333132), Oil and Gas Pipeline and Related Structures Construction (237120)

SIC

Services-Engineering Services (8711), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

OFS Engineering, Construction & O&M (Field Development, Brownfield, Maintenance) (EUALABAM)

akta.pro secondary industries

Project Management & Owner’s Engineering / Technical Consultancy (Spec Writing, Bid Support, Site Support) (IMAJAGAO), Offshore-to-Shore Interface Construction (Landfalls, Shore Crossings, HDD) (IMAFAJAK)

Keywords

• Offshore engineering services
• Oil and gas engineering
• Heave compensated lift frames
• Wellhead platform design
• Subsea installation services

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Infrastructure

Revenue model

1. Engineering Services: Multi-discipline engineering services including concept studies, FEED, detailed engineering, and construction support for offshore and onshore oil and gas projects. Services are provided on a project basis with engagement typically starting at concept stage through to execution.
2. Equipment Design, Fabrication and Rental: Design, fabrication, and rental of specialized drilling and completion equipment including heave compensated lift frames, conductor tensioning systems, and subsea handling equipment.
3. Installation and Project Execution: Turnkey offshore installation services including platform installation using jackup rigs, subsea installation, and MODU modifications.
4. Project Management Services: Full project team provision, construction management, and supply chain support for complete project lifecycle management.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

ICON Engineering is a Perth-based engineering services firm that delivers multi-discipline engineering, specialized equipment design/fabrication/rental, and offshore installation services for the oil and gas industry. Core activities span concept studies, FEED, detailed engineering, project management, drilling and completions equipment supply (heave compensated lift frames, conductor tensioning systems, subsea handling equipment), and turnkey offshore installation — including a world-leading method of installing platforms using jackup drilling rigs. Projects are delivered for offshore and onshore operators globally, with services covering field development, drilling support, well intervention, MODU modifications, and decommissioning.

Product overview

ICON Engineering is an oil and gas engineering services company providing a comprehensive portfolio of specialized products and services for offshore and onshore energy projects. The company offers a unified but multi-faceted approach encompassing: (1) Engineering Services including concept, FEED, detailed engineering, commercial/M&A studies, and decommissioning; (2) ICON Wellhead Platforms including Minimal Offshore Facilities, Conductor Supported Monopods, Self-Installing Wellhead Platforms, and various platform types (Annex, Monopod, MinnowPod, Braced Monopod); (3) SURF Facilities covering subsea umbilicals, risers, flowlines, PLETs/PLEMs/FLETs, mid depth buoys, and bespoke subsea equipment; (4) Drilling and Completions Equipment including Wireline and CT Lift Frames (TLF, CTLF, CCTLF), ARTP Back-Up Heave Compensated Tension Lift Frames (B/C/D/E Series), Conductor Tensioning Systems (CTUs, TTS), and Custom Drilling Equipment; (5) Transport and Installation services including their world-leading jackup rig installation method; (6) Interface Engineering, Rig/Vessel/Platform Modifications, Emergency Support, and Project Management Services. The company also offers rental equipment and operates Perth yard facilities for testing and equipment stackups. With 28 years of experience since 1997, ICON serves operators globally across Australia, Southeast Asia, Africa, and the North Sea.

Differentiator

Problem solved

Functional benefit

Products and services

• Engineering Services Comprehensive multi-discipline engineering services spanning concept, feasibility, FEED, detailed engineering, operations support, greenfield developments, brownfield modifications, decommissioning, and owner's engineering, provided to offshore and onshore oil and gas operators.
• ICON Wellhead Platforms Range of offshore wellhead platform solutions including Minimal Offshore Facilities, Conductor Supported Monopods, Self-Installing Wellhead Platforms, Normally Unmanned Installations (NUI), Unmanned Wellhead Platforms (UWHP), Annex, Monopod, Braced Monopod, MinnowPod, Conductor Supported, Tall Template, and Slot Addition platforms.
• SURF Facilities (Subsea Umbilicals Risers and Flowlines) Subsea infrastructure including tie-in systems using MODU, PLETs/PLEMs/FLETs, Mid Depth Buoys, Mid Water Arches, Riser Bases, Subsea Manifolds, Pig Launcher/Receiver systems, Bespoke Subsea Equipment, and Subsea Construction Support.
• Transport and Installation Offshore installation expertise including installation by jackup rig (in which ICON is the world leader), marine transportation, topsides installation by floatover, subsea installation, flowline and umbilical tie-in, suction piles and cans, and HAZID/HAZOP risk assessment.
• Wireline and Coiled Tubing (CT) Lift Frames Tension Lift Frames (TLF), Coiled Tubing Lift Frames (CTLF), and Heave Compensated Coiled Tubing Lift Frames (CCTLF) for offshore drilling and intervention operations on floating drilling rigs and jackup rigs.
• ARTP Back-Up Heave Compensated Tension Lift Frames B-Series, C-Series, D-Series, and E-Series back-up compensated tension lift frames with ancillary equipment for rig compensator lock-up risk mitigation during deepwater offshore well interventions.
• Conductor Tensioning Systems Conductor Tensioning Units (CTUs) - Push type and Top Tensioning Systems (TTS) Pull type, with Conductor Tensioner Control Unit (CTCU), various conductor clamps (Push Type Gripper, Pull Type Gripper, Bearing Type), and CTU commissioning and maintenance services for jackup rigs.
• Custom Drilling Equipment Bespoke drilling equipment including In-Line Drill String Motion Compensators, Marine Riser Tensioning for floating rigs, Riser Load Monitoring System, Conductor Hang Off C-Plates, Derrick Fingerboards/Monkey boards, Umbilical Sheaves, and Custom Solutions.
• ICON Rental Equipment Rental equipment including Suction Cans and BOP Tethers, ARTP B/C/E-Series Back-up Compensated Tension Lift Frames, Tension Lift Frame 700kip TLF Complete System, Conductor Bearing Type Clamp, Push Type Gripper Clamp, Top Tensioning Systems (TTS), CTCU, and Coiled Tubing Lift Frames.
• Rig, Vessel and Platform Modifications (MODU) Specialist rig engineering modifications and repairs of Mobile Offshore Drilling rigs, Platforms and FPSOs, including deck extensions, strengthening, access platforms and gangways, conductor tension decks, moon pool/BOP cart/tree cart upgrades, crane pedestals and offshore relocation, hydraulic equipment supply/interfacing/installation, firewalls and blast walls, class approval management, and rig site and 3D surveys.
• Inspection, Maintenance and Repair Comprehensive inspection, maintenance and repair services for mobile offshore drilling units, platforms, and FPSOs.
• Emergency Support / Fast Response Engineering Emergency mobilizations and hull/platform equipment damage assessment and repair for rapid response to unforeseen offshore issues, including emergency PLET repair work such as for Pluto LNG.
• Project Management Services Owners engineers, integrated project management teams, project management, procurement and supply chain, project services, labor supply, commissioning and start-up, operations and maintenance support, and shutdowns and turnarounds across full project lifecycle.
• Commercial, M&A Studies Technical and commercial assessments for business opportunities including due diligence, development scenario analysis, alternative development modeling, and PEER reviews for banks, project investors, and partners.
• Decommissioning and Field Abandonment Field abandonment studies, decommissioning feasibility studies, cost estimates (P10/P50/P90), operating cost determination, and regulatory compliance for late-life asset management.
• Perth Yard Facilities Yard services, pressure control and CT equipment stackups for equipment testing at the Henderson Australian Maritime Complex south of Perth.
• Equipment Operations, Maintenance and Re-Certification Operations, maintenance and re-certification services for specialized drilling and subsea equipment.
• Well Test Support Flarebooms and kingposts engineering and installation for offshore well testing operations.
• Subsea Support Subsea drilling templates and protective structures for jack-up rigs, SJDF and IWOCS handling and deployment, Xmas tree running services, and subsea equipment lifting and handling.
• Drilling and Completions Support C Plate design and supply, bespoke drillpipe and casing subs, flowbranches and crossovers, gravel pack support, and coiled tubing and wireline support services.
• Interface Engineering Deck layouts and third-party equipment interfacing, deck assessment and strengthening, seafastening and grillages, transportation and handling skids, engineered lift plans and sequencing, and temporary/permanent piping design and installation.

Quantifiable outcome

• Eliminates need for heavy lift vessels through jackup rig installation method, resulting in significant cost savings
• +2 more outcomes

Named customers30 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Two partnerships are on record, tiered minor and core.

• Beagle Bay Marine Pty LtdminorStrategic or Co-development PartnerICON collaborated with Beagle Bay Marine Pty Ltd on the Browse Cyclone Mooring Study for Woodside Energy Limited. The partnership combined ICON's engineering expertise with Beagle Bay Marine's marine expertise for site selection and engineering of cyclone moorings for the Browse LNG Project at James Price Point.
• McDermott AustraliacoreStrategic or Co-development PartnerMcDermott Australia engaged ICON for design and fabrication of specialized subsea equipment including the Ichthys Subsea Pig Launcher/Receiver Levelling System for operator INPEX. McDermott serves as prime contractor with ICON providing specialized engineering components.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• McDermott International: McDermott is a global offshore EPCI contractor with deep expertise in SURF, subsea equipment design (including for INPEX Ichthys), and offshore platform installation. Directly comparable to ICON's offshore engineering and installation services; McDermott is one of ICON's named partners and a competitor on similar scopes.
• Dril-Quip: Dril-Quip manufactures subsea wellhead systems, specialty drilling equipment, and production hardware for offshore oil & gas. Comparable to ICON's wellhead platform design and subsea equipment offerings, though Dril-Quip is product-focused while ICON blends products with engineering services.
• Helix Energy Solutions: Helix ESG provides specialty offshore services including well intervention, subsea construction, and platform decommissioning. Comparable to ICON across offshore engineering, well intervention equipment, and decommissioning services — particularly relevant given Helix's presence in the Australia/SE Asia region.
• Proserv: Proserv is a specialist provider of subsea production equipment, controls, and offshore services. Directly comparable to ICON's subsea equipment design, fabrication, and offshore engineering offerings, with a similar focus on bespoke subsea solutions for drilling and production operators.
• KCA Deutag: KCA Deutag is a global drilling contractor and rig modifications specialist with operations in the North Sea, Middle East, and Africa. Directly comparable to ICON's MODU modification services and rig engineering capabilities, including emergency response and drilling support.

Broad incumbents

• TechnipFMC: TechnipFMC is a global leader in subsea production systems, SURF, and offshore engineering with proprietary wellhead and subsea equipment. Overlaps with ICON across SURF engineering, wellhead platform design, and offshore installation services.
• SBM Offshore: SBM Offshore is a global leader in floating production systems (FPSOs) and offshore production solutions. Comparable to ICON at a broad level across offshore platform design and offshore engineering, though SBM's focus on FPSOs represents a different but adjacent niche.
• Subsea7: Subsea7 is a global leader in subsea installation and SURF services for the offshore oil & gas industry. Directly comparable to ICON's SURF and offshore installation capabilities but at vastly larger scale with a global fleet of construction vessels.
• Aker Solutions: Aker Solutions is a global provider of engineering, procurement, and construction services for the offshore energy sector, including subsea production systems and offshore platforms. Comparable to ICON across offshore engineering, SURF, and platform design, though at much greater scale.
• Saipem: Saipem is a major Italian EPCI contractor offering offshore drilling, engineering, procurement, construction, and installation services. Overlaps with ICON across offshore platform installation, SURF, and field development engineering but with a broader service portfolio and global footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/icon-engineering-pty-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICON Engineering