By INS Contributors

KUALA LUMPUR, Malaysia: Malaysian offshore vessel operator Keyfield International Berhad has secured 13 new contracts worth RM229 million across Malaysia, Thailand and the Middle East, strengthening its position as one of the country's leading offshore marine services providers while advancing its international expansion strategy.

The contracts, which include extension options worth a further RM41 million, cover a diverse range of offshore support services for petroleum arrangement contractors and oil and gas operators operating across multiple jurisdictions.

The latest awards bring Keyfield's total contract wins for the first half of 2026 to 21 charter contracts, following eight contracts secured earlier this year.

Group Chief Executive Officer and Executive Director Dato' Darren Kee Chit Huei said the new contracts demonstrate continued momentum in the company's efforts to diversify geographically and reduce concentration risks.

"We are pleased to announce the securing of these contracts in Malaysia, Thailand and the Middle East, which demonstrates continued momentum in our global diversification strategy. This will not only reduce our geographical concentration risk but also deliver a new growth catalyst for the Group," he said.

The contracts involve both vessels from Keyfield's own fleet and third-party vessels, highlighting the company's ability to support a broad range of offshore oil and gas activities. Charter periods range from one month to 17 months, with several contracts carrying extension options of between 15 days and five months.

The contracts are expected to contribute positively to the group's earnings and net assets for the financial years ending Dec 31, 2026 and Dec 31, 2027, providing stronger earnings visibility through 2027.

According to Keyfield, 12 of its 14 owned vessels are currently on hire, while the remaining two vessels are expected to commence operations in the second half of 2026 following the completion of customer inspections.

The high utilisation rate underscores continued demand for offshore support vessels as regional energy producers increase exploration, development and maintenance activities amid efforts to bolster energy security and sustain hydrocarbon production.

Industry observers note that companies such as Keyfield play an increasingly important role in Malaysia's energy ecosystem. While attention is often focused on major upstream producers and national oil companies, offshore support service providers form a critical backbone of the sector by enabling drilling, production, maintenance and marine logistics operations.

Malaysia's offshore services industry has also emerged as an important contributor to economic growth, employment, technical expertise and export earnings. As Southeast Asia and the Middle East continue investing in energy infrastructure and offshore developments, Malaysian service providers are increasingly leveraging their operational experience to secure opportunities beyond domestic waters.

Established in 2013, Keyfield has grown into one of Malaysia's leading offshore vessel owners and operators. The company currently operates a fleet of 14 vessels serving the oil and gas and cable-laying industries, with accommodation capacities ranging from 50 to 500 personnel.

Its vessels provide offshore accommodation and support services including catering, housekeeping, laundry and medical facilities, while supporting various stages of upstream oil and gas operations. The fleet is equipped with dynamic positioning and mooring systems and can also serve non-oil and gas sectors requiring offshore accommodation capabilities.

Licensed by PETRONAS since 2018, Keyfield serves as a panel contractor to PETRONAS Carigali and petroleum arrangement contractors, enabling it to participate directly in tenders involving accommodation work barges, anchor handling tug supply vessels and platform supply vessels.

The company's customer base includes PETRONAS Carigali, Sarawak Shell, PTTEP, Helms Geomarine and various upstream oil and gas operators and contractors across the region.

In a filing with Bursa Malaysia dated June 24, Keyfield said the contracts are expected to contribute positively to group earnings and net assets without affecting its share capital or shareholding structure. The company added that none of its directors, major shareholders or related parties have any direct or indirect interest in the contracts.

The board stated that the acceptance and execution of the contracts are in the best interests of the company and are not subject to shareholder or regulatory approval.