KUALA LUMPUR (June 25): Oil and gas services company Keyfield International Bhd (KL:KEYFIELD) said it has engaged two Chinese companies to build an accommodation workboat (AWB) at a cost of US$30.5 million (RM143.7 million).

The 90m long Dynamic Positioning 2 (DP2) workboat is expected to be delivered by Jingjiang Nanyang Shipbuilding Co Ltd and Nantong Shunyang Trade and Development Co Ltd by February 2026 and will be funded via a combination of internal cash and borrowings, said Keyfield in a bourse filing on Tuesday.

The vessel will feature enhanced capabilities, including a larger accommodation capacity of 239 persons, diesel-electric propulsion systems for fuel efficiency, battery packs, a spacious deck and a higher capacity main crane, the group said.

“The shipbuilding of the new DP2 AWB is expected to have a positive effect on the earnings of our group in the future, upon the new DP2 AWB being deployed in our vessel chartering business,” Keyfield added.

In a separate announcement, Keyfield said it has entered into a memorandum of agreement to acquire a second-hand DP2 AWB named MV Belait Barakah from Belait Barakah Sdn Bhd for US$6 million.

This vessel is expected to be ready for chartering operations by the fourth quarter of 2024 after rectification and activation, the group said.

MV Belait Barakah, with an accommodation capacity of 152 persons, is the sister vessel of IMS Aman, which Keyfield acquired in January 2024. Upon delivery, Keyfield’s fleet will expand to 12 vessels, with eight of them being AWBs — the group’s primary focus segment.

“We are delighted with the addition of Barakah to our fleet and look forward to our newbuild DP2 AWB, which is in line with our expansion plans as outlined in our IPO prospectus,” said Keyfield's CEO and executive director Datuk Darren Kee.

The group was listed on the Main Market of Bursa Malaysia on April 22.

“Apart from acquiring second-hand vessels, which can contribute immediately to our profits, it is also important for us to undertake fleet renewal by commissioning a newly built vessel with enhanced features,” said Kee.

Keyfield shares closed four sen, or 1.67%, lower at RM2.35 on Tuesday, valuing the group at RM1.88 billion. The stock has risen 21.76% since its listing.