Malaysian provider of offshore support vessels (OSV) Icon Offshore is set to expand its fleet with the addition of seven new platform supply vessels by the end of 2015.

The company said that the expansion of its fleet, which currently stands at 32 vessels, is in-line with its plan to develop larger vessels that are capable of operating in deeper waters and adverse weather conditions.

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Icon Offshore CEO Jamal Yusof was quoted by Bernama as saying that the company has contracted ship builders such as Guangzhou Shunhai Pte, Labuan Shipyard and Engineering Sdn Bhd and Grade One Marine Shipyard Sdn Bhd, to build six vessels and that negotiations are underway for a seventh.

“We are looking at not only increasing the number of vessels but also adding to those that can operate in deeper waters.”

“We are looking at not only increasing the number of vessels but also adding to those that can operate in deeper waters,” Yusof said, at a press conference.

The OSV company is also keen to invest in the latest technology developments to expand its portfolio with innovative services.

Meanwhile, Icon Offshore is also planning an initial public offering, listing its shares on the main market of Bursa Malaysia on 25 June, to raise nearly MYR1bn ($310m).

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The company currently holds long-term contracts worth MYR500m ($155m) and is seeking additional undertakings from Saudi Arabia, the UAE and Qatar.

“There are still bids coming out for various kinds of offshore support vessels from Brazil and Africa,” Yusof added.

“For 2011, 2012 and 2013, our compound annual growth (CAGR) rate for revenue has always been around 20%, and we hope to maintain the same kind of CAGR growth.”