Keyfield International Ventures into Cable Laying Business with Acquisition of Cable Laying Barge

Keyfield International, a Malaysian provider of offshore accommodation vessels to the oil & gas industry, is expanding its services by entering the cable laying business. The company has acquired a 98-meter-long cable laying barge to diversify its fleet and tap into new markets.

Acquisition Details

Keyfield Ventures (Labuan) Limited (KVL), a subsidiary of Keyfield, has signed a memorandum of agreement to purchase a brand new cable-laying barge, which will be renamed Keyfield Blessing (KBlessing). The acquisition, valued at $20.55 million, is fully funded by internally generated funds of the Keyfield group. The vessel is expected to be delivered by the second quarter of 2025 and will be used for cable laying operations.

Strategic Partnership

Keyfield has entered into an agreement with China’s Dejing Group to charter the vessel for a period of one year, with an optional one-year extension. The charter agreement, valued at $9.1 million, includes the provision of the vessel for the Farasan Submarine Cable Project in Saudi Arabia. The project involves the installation of over 300 kilometers of submarine power cables and 110 kilometers of submarine fiber optic cables.

Vessel Specifications

The Panama-flagged DP2 barge is equipped to install offshore wind cables and can be retrofitted for laying telecommunication data fiber optic cables. With a cable load capacity of 7,000T and a cable-laying plow reaching 5 meters depth, the vessel is capable of self-propelling while laying cables at a speed of 600 meters per hour.

CEO’s Statement

Dato’ Darren Kee, Keyfield’s Group CEO and Executive Director, expressed excitement about the acquisition, stating that it aligns with the company’s strategic vision to diversify its fleet and expand into new industries. Kee highlighted the importance of reducing dependence on the oil & gas sector and increasing revenue from non-oil and gas sources.

Market Expansion

Keyfield’s foray into the cable laying business is a strategic move to capitalize on market trends and long-term opportunities. The company aims to generate immediate revenue through the charter agreement while positioning itself for long-term growth in the evolving maritime industry.

Outlook

KBlessing marks Keyfield’s first venture into bareboat chartering, signaling a shift towards managing vessels for specific projects. The company’s acquisition of the cable laying barge underscores its commitment to innovation and adaptability in the maritime sector.