KUALA LUMPUR (Sept 25): Oil and gas services firm Keyfield International Bhd (KL:KEYFIELD) has secured eight work orders worth about RM130.3 million from Petronas Carigali Sdn Bhd.

These work orders are for the provision of six units of accommodation work boat vessels and two anchor handling tug and supply vessels for Petronas Carigali’s offshore activities, which will be carried out in the second half of this year, the group said in a filing with Bursa Malaysia.

The work orders were issued between June and August this year to its wholly owned unit Keyfield Offshore Sdn Bhd (KOSB) and are based on a panel contractor contract for offshore support vessel services for petroleum arrangement contractors that was signed between KOSB and Petronas in April 2024.

Subject to Petronas Carigali’s rights under the contract, Keyfield said the eight work orders issued will be for a duration of between 91 and 153 days from the commencement date of on-hire certificate.

“The acceptance and execution of the work order awards by KOSB will be subject to normal operational risks associated with our business operations, which we actively mitigate through various internal control procedures,” said Keyfield.

For the first half ended June 30, 2024, the group’s net profit more than doubled to RM100.34 million from RM37.57 million, as revenue surged 88.54% to RM305.37 million from RM161.97 million.

Shares of Keyfield fell 1.29%, or three sen, to close at RM2.30 on Wednesday, giving the company a market capitalisation of RM1.85 billion. Listed on Bursa Malaysia’s Main Market just six months ago in April, Keyfield’s share price has gained 156% from its initial public offering price of 90 sen.