1. INTRODUCTION

The Board of Directors of LFG (“the Board”) wishes to announce that Icon Biru 1 (L) Inc., an indirect wholly-owned subsidiary of LFG had on 10 September 2025 entered into a Memorandum of Agreement (“MOA”) for the disposal of Kayra (“Vessel”) for total cash consideration of USD22 million (approximately RM92.57 million based on Bank Negara Malaysia’s USD/MYR exchange rate as at 5:00 p.m. on 30 September 2025, being the latest practicable date prior to this announcement) (“Consideration”) to MAG Offshore Investments LLC (“Vessel Disposal”).

2. DETAILS OF THE VESSEL DISPOSAL

The Vessel is a Malaysian-flagged DP-2 Accommodation Workboat built in 2013 with a deadweight tonnage of 3,500 tonnes and a maximum accommodation of 200 pax.

MAG Offshore Investments LLC (“Purchaser”) is incorporated in the Marshall Islands and is an unrelated third party to the Company.

There are no liabilities, contingent or otherwise, that will remain, nor will any guarantees be 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 partially be utilised towards early prepayment of an existing financing facility, as well as 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 estimated gain on disposal (net of associated costs) for the Vessel Disposal is expected to contribute positively to LFG’s earnings, net assets, and gearing for the financial year ending 31 December 2025.

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.

10. ESTIMATED TIMEFRAME FOR COMPLETION

Barring unforeseen circumstances, the Vesel Disposal is expected to be completed by December 2025.

11. DOCUMENT AVAILABLE FOR INSPECTION

The MOA is made available for inspection during normal business hours from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement at the registered office of LFG at Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur, W.P. Kuala Lumpur.


This announcement is dated 1 October 2025.