Keyfield International Bhd is strengthening its offshore support vessel fleet with the acquisition of a 2014-built anchor handling tug supply (AHTS) vessel for US$7.35 million (RM29.6 million), as the group positions itself to meet growing charter demand.
In a filing with Bursa Malaysia, the offshore support vessel operator said its wholly owned subsidiary, Keyfield Resolute Sdn Bhd, has entered into an agreement to acquire the vessel, which will be renamed Keyfield Joyful.
The seller was identified only as an unrelated third-party company incorporated in Indonesia and belonging to a Singapore-headquartered group.
In addition to the purchase price, Keyfield expects to invest between RM3 million and RM4 million to progressively upgrade the vessel’s capabilities, including its bollard pull, accommodation capacity and Dynamic Positioning 2 (DP2) system.
The company said the acquisition will immediately expand its available AHTS capacity to capitalise on near-term chartering opportunities, as all of its existing AHTS vessels are currently chartered out or allocated for contracts in Malaysia and overseas. Its two new-build DP2 AHTS vessels are only expected to be delivered in 2028.
Group Chief Executive Officer and Executive Director Datuk Darren Kee Chit Huei said the domestic offshore support vessel market continues to show strong fundamentals, particularly for AHTS vessels below 80 tonnes.
“The medium-term outlook for the domestic offshore support vessel sector remains highly resilient, with widening supply shortages projected for AHTS under 80 tonnes.
“By acquiring Keyfield Joyful, it provides our group with an opportunity to deploy into the tight local market to earn immediate income. We will further enhance its marketability by upgrading its technical specifications,” he said.
Kee added that the purchase follows the recent mobilisation of three AHTS vessels — comprising two owned vessels and one third-party managed vessel — to the Middle East.
The latest acquisition is part of Keyfield’s long-term fleet expansion strategy, which is expected to increase its owned fleet from 14 vessels currently to 18 vessels by 2028. The expansion plan includes three vessels currently under construction: one DP2 accommodation work boat and two DP2 90MT AHTS vessels.
Keyfield said the acquisition will be financed entirely through the remaining proceeds from its sukuk issuance completed in December 2024 and is expected to contribute positively to the group’s earnings and net assets in the second half of 2026 once the vessel is deployed.
For the first quarter ended March 31, 2026, Keyfield’s net profit more than doubled to RM56.13 million from RM20.68 million a year earlier, largely driven by a RM78 million gain from the disposal of an accommodation workboat, despite lower vessel utilisation and weaker revenue.
Revenue declined 45.6% to RM47.18 million from RM86.75 million previously, while the group recorded a gross loss of RM16.03 million compared with a gross profit of RM34.8 million a year earlier.
The company reported a fleet utilisation rate of 36.1%, equivalent to 442 chartered days, during the quarter, covering vessels operating in Malaysia, the Middle East and Thailand.
Shares of Keyfield closed four sen higher at RM1.58 on Monday, giving the group a market capitalisation of RM1.28 billion.
