Keyfield snap up accommodation workboat for $18m

Keyfield International, a prominent Malaysian offshore vessel operator, is enhancing its fleet by acquiring a nine-year-old accommodation workboat, the Carimin Acacia, from Carimin Petroleum. The deal is valued at RM76 million (approximately $18 million) and is aimed at bolstering the company’s position in the offshore accommodation sector. This strategic acquisition is expected to boost Keyfield’s capacity and competitive advantage in both local and international markets.

Details of the Acquisition

The acquisition of the Carimin Acacia, which has been operational in Malaysian waters for nine years, signifies a crucial step for Keyfield International. The Kuala Lumpur-based company emphasizes that the vessel meets all necessary specifications for local tenders, making it a valuable addition to its fleet. Dato’ Darren Kee, the Group CEO of Keyfield, expressed confidence in this strategic move, stating, “This acquisition strengthens our position as Malaysia’s leading offshore accommodation provider.”

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Moreover, the entirety of the vessel’s purchase will be financed through the gross proceeds from Keyfield’s Sukuk issuance, which was completed in December 2024. Currently, Keyfield operates a fleet comprising 13 offshore accommodation vessels and one cable layer. The company anticipates that this acquisition will be earnings-accretive, positively affecting both earnings and net assets for the financial year 2026 and beyond. This strategic enhancement of their fleet is expected to open up new opportunities for charters, both locally and internationally, reinforcing Keyfield’s commitment to growth in the offshore sector.