Lianson Fleet Group Berhad

What Lianson Fleet Group Berhad does

Lianson Fleet Group Berhad (LFG), formerly Icon Offshore Berhad and rebranded in January 2025, is a publicly listed marine logistics service provider on Bursa Malaysia headquartered in Kuala Lumpur. The company operates a fleet of offshore support vessels (OSVs) and marine transportation assets serving upstream oil and gas operators and industrial customers across Malaysia, Singapore, Vietnam, and Brunei. Its product portfolio spans six categories: Anchor Handling Tug & Supply Vessels (AHTS), Accommodation Workboat Vessels (AWB), Platform Supply Vessels (PSV), Tugs & Barges, Dry Bulk Carriers, and Well Killing & Pumping Services — collectively covering anchor handling, platform supply, accommodation, dry bulk transportation, and well intervention across the offshore oil and gas lifecycle. LFG also extends into drilling rig operations through wholly-owned subsidiary I Oilfield Services Sdn Bhd and Regulus Offshore Sdn Bhd.

The business operates a B2B enterprise chartering model with revenue earned primarily through day-rate vessel charters under multi-year contracts, alongside dry bulk freight and well services. Charter inquiries are handled directly via dedicated email and WhatsApp channels with no intermediary resellers. Its named customer base comprises large upstream operators including Petronas Carigali, Hibiscus Oil & Gas Malaysia, ConocoPhillips Sarawak, SEA Hibiscus, HESS (Hibiscus Energy), Petrolanpan, and Petrovietnam's subsidiary — with Hibiscus-related umbrella contracts alone representing an order book exceeding RM600 million. Disclosed FY2021 revenue was RM301 million with RM32.0 million PAT, and fleet utilization improved to 86% by Q3 2023.

In 2024–2025 LFG underwent a significant strategic transformation: MGO became a new major shareholder and Liannex initiated a full takeover (March 2024), the company divested the non-core Perisai Pacific 101 jack-up rig for USD85 million (August 2022), signed definitive agreements for Vietnam acquisitions exceeding RM400 million (August 2024), rebranded to Lianson Fleet Group Berhad (January 2025), entered a strategic partnership with a Petrovietnam subsidiary (November 2025), and secured shareholder approval for RM437.5 million Vietnam acquisitions (December 2025). The company employs over 600 seafarers and 60 onshore support staff with a management team possessing more than 200 years of accumulated industry experience.

Name

Lianson Fleet Group Berhad

Legal name

Lianson Fleet Group Berhad

Website

https://lianson.com

Company type

Public

Operating status

Operating

Headcount range

251–500 employees

Short description

Lianson Fleet Group Berhad is a Bursa Malaysia-listed marine logistics provider operating offshore support vessels (AHTS, AWB, PSV), tugs and barges, dry bulk carriers, and well services for upstream oil and gas operators and industrial customers across Malaysia, Singapore, Vietnam, and Brunei.

Ownership category

akta.pro rank

Product category

Offshore Support Vessels / Marine Logistics Services

NAICS

Support Activities for Water Transportation (4883), Other Support Activities for Water Transportation (48839)

SIC

Water Transportation (4400), Deep Sea Foreign Transportation Of Freight (4412)

akta.pro primary industry

Offshore Support & Marine Logistics Vessel Operators (PSV/AHTS) (TLADABAL)

akta.pro secondary industry

Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters) (EUALABAJ)

Keywords

• Offshore support vessels
• Marine logistics services
• Anchor handling vessels
• Dry bulk shipping
• Offshore oil and gas

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. Offshore Support Vessel (OSV) Charter: Charter of OSV vessels including AHTS, AWB, PSV to upstream oil and gas operators. Revenue earned through daily charter rates charged to clients for vessel utilization.
2. Marine Transportation - Dry Bulk Carriers: Transportation of dry bulk commodities using tugs, barges, and dry bulk carriers. Supports construction, manufacturing, and energy industries across Southeast Asia.
3. Well Services: Well killing and pumping services as part of comprehensive offshore oil and gas lifecycle support.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Lianson Fleet Group Berhad owns and operates a fleet of Offshore Support Vessels (OSVs) for charter to upstream oil and gas operators across Malaysia, Singapore, Vietnam, and Brunei. The fleet comprises Anchor Handling Tug & Supply Vessels (AHTS), Accommodation Workboat Vessels (AWB), Platform Supply Vessels (PSV), tugs and barges, and dry bulk carriers. The company also provides well killing and pumping services as part of its offshore oil and gas lifecycle support offering.

Product overview

Lianson Fleet Group Berhad (formerly Icon Offshore Berhad) is a marine logistics service provider operating a fleet of Offshore Support Vessels (OSVs) in Southeast Asia. The company's product portfolio consists of six distinct vessel and service categories: Anchor Handling Tug & Supply Vessels (AHTS) for deepwater operations and anchor handling; Accommodation Workboat Vessels (AWB) for offshore personnel support; Platform Supply Vessels (PSV) for cargo transportation to offshore platforms; Tugs & Barges for regional marine transportation; Dry Bulk Carriers for dry commodity shipments; and Well Killing and Pumping Services for well intervention operations. The company supports the upstream oil and gas industry across Malaysia, Singapore, Vietnam, and Brunei, while also facilitating dry bulk commodity transportation throughout the SEA region.

Differentiator

Problem solved

Functional benefit

Products and services

• Anchor Handling Tug & Supply Vessels (AHTS)

Quantifiable outcome

• Order book exceeded RM600 million from Hibiscus contracts
• +1 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Petrovietnam's SubsidiarycoreStrategic or Co-development Partner · 18 November 2025Strategic partnership with Petrovietnam's subsidiary announced November 2025 as part of LFG's Vietnam expansion strategy. This partnership supports the company's plans to acquire vessel operating companies in Vietnam and pursue new regional growth opportunities in Southeast Asia.

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• MISC Berhad: Malaysian shipping and offshore solutions arm of PETRONAS, operating OSVs, LNG carriers and offshore floating solutions. Highly comparable as a regionally dominant Malaysia-based marine logistics provider serving upstream oil and gas operators.
• Tidewater Inc. Largest global OSV operator with the broadest fleet of AHTS and PSVs worldwide. Comparable core business model (charter of OSVs to upstream operators) but with global rather than SEA-only geographic exposure.
• Bourbon Corporation: French-listed global OSV operator with deepwater AHTS and PSV fleet serving West Africa, Brazil and Southeast Asia. Direct peer in OSV chartering with overlapping vessel categories serving similar upstream O&G customers.
• DOF Group ASA: Norwegian OSV and subsea services group operating AHTS, PSV and subsea construction vessels globally. Comparable vessel categories and upstream O&G customer profile, though focused on North Sea/Brazil rather than SEA.

Regional players

• PACC Offshore Services Holdings: Singapore-listed OSV operator with AHTS, PSV and accommodation vessels serving Asia-Pacific, Middle East and Brazil. Direct regional peer with overlapping vessel categories serving similar upstream O&G charterers.
• Pacific Carriers Limited (Kuok/KLK): Singapore-based dry bulk and OSV operator serving Southeast Asia. Comparable dry bulk carrier business and tug/barge operations within the same regional geography.

Direct peers

• Bumi Armada Berhad: Malaysia-listed OSV operator with FPSO and offshore support services across Southeast Asia and West Africa. Closest direct peer — same geography, same upstream O&G customer base, similar AHTS/PSV exposure.
• Vallianz Holdings: Singapore-based OSV charterer serving Middle East and Southeast Asia upstream markets with AHTS, PSV and crew boat fleet. Direct competitor in regional OSV day-rate market with comparable vessel mix and customer profile.
• Ezra Holdings / Emas Offshore: Singapore-based offshore support and subsea construction services provider with regional OSV operations. Direct peer overlapping in AHTS/PSV/subsea vessel categories and Southeast Asia operating geography.
• PTSC (PetroVietnam Technical Services Corporation): Vietnamese state-linked offshore services company providing OSV chartering, well services and offshore platform support — direct counterpart as a JV partner and competitor in Vietnamese waters.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/liansonfleetgroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

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 Lianson Fleet Group Berhad