1. INTRODUCTION

The Board of Directors of LFG (“the Board”) wishes to announce that Icon Piai 1 (L) Inc., an indirect wholly-owned subsidiary of LFG had on 8 January 2026 completed the disposal of Yinson Hermes (“Vessel”) for a total cash consideration of USD10 million (approximately RM40.65 million based on Bank Negara Malaysia’s USD/MYR exchange rate as at 5:00 p.m. on 8 January 2026 (“Consideration”) (“Vessel Disposal”).

2. DETAILS OF THE VESSEL DISPOSAL

The Vessel is a Malaysian-flagged DP-1 Anchor Handling Tug & Supply (AHTS) built in 2015 with a deadweight tonnage of 1,300 tonnes.

The Vessel is disposed to a purchaser incorporated in the United Arab Emirates which is an unrelated third party to the Company.

There are no liabilities, contingent or otherwise, that will remain, nor were any guarantees given by LFG in relation to the Vessel Disposal. 

3. BASIS AND JUSTIFICATION FOR THE CONSIDERATION

The Consideration was arrived at based on a willing-buyer and willing-seller basis, taking into account prevailing market values of comparable vessels of similar age and specifications.

4. RATIONALE FOR THE VESSEL DISPOSAL

The Vessel Disposal is part of LFG’s ongoing fleet rejuvenation efforts to modernise and replace its fleet in line with the 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.

5. UTILISATION OF PROCEEDS

The net proceeds from the Vessel Disposal will be utilised for general corporate purposes and to support LFG’s future growth and strategic initiatives.

6. FINANCIAL EFFECTS OF THE VESSEL DISPOSAL

The Vessel Disposal will not have any effect on the issued share capital or shareholdings of the substantial shareholders of LFG. The gain on disposal (net of associated costs) for the Vessel Disposal will contribute positively to LFG’s earnings, net assets, and gearing for the financial year ending 31 December 2026.

7. APPROVALS REQUIRED

The Vessel Disposal, being transacted in the ordinary course of business, is not subject to the approval of the shareholders of LFG or any other relevant government authorities.

8. INTEREST OF DIRECTORS, MAJOR SHAREHOLDERS, AND PERSONS CONNECTED

None of the directors, major shareholders, or persons connected to them has any interest, whether direct or indirect, in the Vessel Disposal.

9. DIRECTORS’ STATEMENT

The Board, having considered all aspects of the Vessel Disposal, is of the opinion that the Vessel Disposal is in the best interests of LFG.


This announcement is dated 12 January 2026.