Kuala Lumpur: Keyfield International Bhd’s wholly owned subsidiary, Keyfield Ventures (Labuan) Ltd (KVL), has entered a memorandum of agreement (MoA) with China’s Taizhou Sanfu Ship Engineering Co Ltd. The agreement involves acquiring a 98-meter-long Dynamic Positioning 2 (DP2) cable-laying barge for a consideration of US$20.55 million, equivalent to approximately RM90.8 million.
According to BERNAMA News Agency, the barge, which will be renamed ‘Keyfield Blessing’ (KBlessing), is part of Keyfield’s strategy to diversify its business portfolio. KVL has also signed a bareboat charter agreement with China’s Dejing Group Co Ltd. Under this agreement, the barge will be chartered for an initial period of one year, with an option to extend for another year at KVL’s discretion. During this period, Dejing will cover all operational costs of the vessel, including mobilisation, crew, and maintenance, while KVL will be responsible for hull and machinery insurance costs.
Keyfield’s move aims to reduce its dependence on the upstream oil and gas sector, which currently contributes almost all of its revenue. By venturing into the maritime sector, the company sees the acquisition of KBlessing, suitable for subsea power cable laying, as a new area for growth. The charter to Dejing is expected to generate immediate revenue for the company.
In a separate statement, Keyfield noted that KBlessing is currently docked in Taizhou, China, and will soon be delivered to the Keyfield Group. It will then be handed over to Dejing to commence its charter, ultimately being mobilized to a project location in Saudi Arabia. Upon contract completion, the barge will be returned to Malaysia or Singapore.
Datuk Darren Kee, Keyfield’s chief executive officer and executive director, highlighted that the bareboat charter model was chosen to mitigate operational risks associated with the new venture in cable laying, particularly with the project based in Saudi Arabia. Kee emphasized that this aligns with global market trends, especially as decarbonisation goals accelerate offshore wind projects requiring extensive subsea power cable infrastructure. The acquisition and immediate chartering of KBlessing are expected to provide both immediate revenue and long-term strategic benefits in a rapidly evolving market.