KUALA LUMPUR (July 4): Oil and gas service company Keyfield International Bhd (KL:KEYFIELD) said its wholly owned subsidiary Keyfield Offshore Sdn Bhd has successfully secured two contracts, totalling RM40 million, to supply accommodation workboats.

The contracts involve providing an accommodation work barge (AWB) and an anchor handling tug supply (AHTS) vessel for Hess Exploration and Production Malaysia BV’s (Hess) offshore operations.

The contracts, which commenced in June 2024 and July 2024, are for a charter period of five months and six months respectively, Keyfield said in the bourse filing on Thursday.

The company added that it will also supply crew and on-board services to perform the agreed scope of work, as per the charterer’s requirements.

Keyfield anticipates that the contracts will contribute positively to the earnings and net assets of the group for the financial year ending Dec 31, 2024 (FY2024).

Keyfield’s primary focus is in the AWB segment and currently has eight units. It also has one AHTS vessel, an accommodation barge and a geotechnical platform supply vessel — bringing the total vessel count to 11.

Previously, on June 25, Keyfield had engaged two Chinese companies, Jingjiang Nanyang Shipbuilding Co Ltd and Nantong Shunyang Trade and Development Co Ltd, to construct a new AWB at a cost of US$30.5 million (RM143.7 million). The 90-metre-long Dynamic Positioning 2 (DP2) workboat is scheduled for delivery by February 2026.

In addition, Keyfield also signed an agreement to acquire a second-hand DP2 AWB named MV Belait Barakah from Belait Barakah Sdn Bhd for US$6 million. Following rectification and activation, the vessel will be ready for chartering operations by the fourth quarter of 2024.

Keyfield’s shares closed one sen, or 0.39% higher at RM2.60 on Thursday, valuing the group at RM2.08 billion. Since its listing on April 22, the stock has risen by 34.72%.