11 hours Ago By S. BIRRUNTHA
KUALA LUMPUR: Keyfield International Bhd's unit Keyfield Ventures (Labuan) Ltd is buying a new Dynamic Positioning 2 (DP2) 98-metre cable-laying barge from Taizhou Sanfu Ship Engineering Co Ltd for RM90.8 million. In a statement, Keyfield said the acquisition will be fully funded from its internal funds without any borrowings.
Keyfield also signed an agreement with Dejing Group Co Ltd China to charter out the newly-acquired barge on a bareboat charter basis for one year, plus optional extension of one year, at Keyfield's option, which is valued at US$9.1 million including such extension option. During the entire bareboat charter period, the charterer will be responsible for operational costs of the vessel including the mobilisation costs to the project location, except hull and machinery insurance which is Keyfield's responsibility.
Keyfield group chief executive officer and executive director Datuk Darren Kee said said the acquisition aligns with its strategic vision to diversify its fleet of vessels to be able to serve different industries. This is in line with the company's midterm objective of increasing non-oil and gas revenue, contributing up to 20 per cent of its total revenue. "Investing in a DP2 cable laying barge is a strategic decision driven by current market trends and long-term opportunities.
"Global decarbonisation goals are accelerating offshore wind projects, requiring extensive subsea power cables for grid connectivity in various parts of the world. "By acquiring and immediately chartering it out, it offers us a unique combination of immediate revenue opportunities and long-term relevance in a rapidly evolving and expanding market," he noted.© New Straits Times Press (M) Bhd.
