Keyfield International Expands into Offshore Services Market
Malaysian OSV owner Keyfield International is making a strategic move into the new offshore services market through the acquisition of a cable-laying barge from Taizhou Sanfu Ship Engineering.
The Kuala Lumpur-based accommodation workboats specialist has finalized a deal worth $20.55 million for the 98-meter-long vessel, now christened as Keyfield Blessing.
Keyfield International plans to finance the acquisition entirely through its internal funds and expects to complete the transaction by the second quarter of 2025.
The newly acquired vessel boasts a cable load capacity of 7000 tons and is specifically designed for the installation of subsea power cables that connect offshore wind farms to main grids. Additionally, it can be retrofitted to lay telecommunication fiber optic cables.
With a current fleet of 13 ships, Keyfield International has already secured a one-year bareboat charter deal with China’s Dejing Group for the Keyfield Blessing, with an option for a one-year extension. The charter agreement, valued at $9.1 million, will see the vessel deployed for the Farasan submarine cable project in Saudi Arabia.