Icon Offshore Can Repay Its Debt

Malaysia's Icon Offshore, whose ships offer support services to oil platforms, has raised 945 million ringgit ($294.81 million) in a share sale priced at the top of expectations, according to two people with direct knowledge of the deal.

Icon, part of Malaysian government-linked private-equity fund Ekuiti Nasional (Ekuinas), priced the initial public offering (IPO) at 1.85 ringgit per share. That compared with an indicative price range of 1.80 ringgit to 1.85 ringgit.

The offshore support vessel company plans to add to its fleet of 32 ships and repay debt using funds raised through the IPO.

BNP Paribas, Credit Suisse and Maybank Investment Bank were joint global coordinators for the IPO.

The people declined to be identified as the matter was still private. Officials for Icon Offshore were not immediately available to comment. ($1 = 3.2055 Malaysian Ringgit)