KEYFIELD INTERNATIONAL BERHAD (KEYFIELD)

Company Profile: KEYFIELD INTERNATIONAL BERHAD (5321)

✅ Shariah Compliant  Sector: Energy Infrastructure & Services

What Is KEYFIELD?

KEYFIELD INTERNATIONAL BERHAD is a Malaysian Offshore Support Vessel (OSV) operator — a company that provides specialized marine vessels to the offshore oil and gas (O&G) industry. Its core business revolves around chartering Accommodation Workboats (AWBs) to major O&G operators and their contractors.

Think of an AWB as a floating hotel anchored near offshore oil platforms. When companies like Petronas or their contractors are drilling, maintaining, or constructing offshore infrastructure, their workers need somewhere to sleep, eat, and rest. KEYFIELD's AWBs provide exactly that — large vessels moored near platforms for weeks or months at a time, housing hundreds of workers. For every day a vessel is contracted, the company earns a day rate. Higher fleet utilization equals stronger profits.

Fleet Composition (Early 2026)

• 9 Accommodation Workboats (AWBs) — the core revenue engine
  • Keyfield Wisdom: 123m long, one of the largest AWBs in the fleet
  • Keyfield Compassion: DP2 AWB — SOLD in February 2026 to Petro Laut Brunei for RM152m (net gain ~RM85m)
• 4 AHTS Vessels (Anchor Handling Tug Supply) — all committed to long-term charters
• 1 DP2 Cable-Laying Vessel — acquired April 2025 for US$20.55m, currently deployed in the Middle East
• 1 New DP2 AHTS (on order) — ordered from China for US$18m, delivery expected 2027-2028

The Strategic Transformation Story

KEYFIELD is not just another vessel operator. Since 2024, the company has been executing a deliberate three-dimensional transformation strategy:

1. Geographic Diversification: From Malaysia (Petronas ecosystem) into the Middle East (UAE via Keyfield Biham Marine FZCO, 65% JV) + Thailand + Indonesia exploration
2. Fleet Upgrade Cycle: Selling older vessels at premium prices → recycling capital into newer, higher-specification vessels commanding higher day rates
3. Segment Expansion: Beyond traditional AWBs → adding AHTS, cable-laying, and supply vessel capabilities → reduced dependence on a single vessel type

Latest Contracts (March 2026)

In March 2026, KEYFIELD announced RM162 million in charter contracts covering 7 AWBs and 1 AHTS across Malaysia, the Middle East, and Thailand. Seven contracts commence in H1 2026, with one more starting in early 2027. This provides meaningful revenue visibility for the next 12-18 months.

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