KUALA LUMPUR (Jan 6): Oil and gas services firm Keyfield International Bhd (KL:KEYFIELD) is acquiring a five-year-old platform supply vessel for US$17.6 million (RM79.2 million).

It is funding the acquisition through proceeds from the company's sukuk issuance, with an additional US$2 million to be drawn from internal funds for capital expenditure to bring the vessel back to Malaysia and prepare it for operations.  

Keyfield’s wholly-owned Keyfield Offshore Sdn Bhd (KOSB) signed an agreement with Sinocommerce Harbour Engineering Co Ltd to acquire the vessel, which will be renamed Keyfield Gratitude, according to a filing with Bursa Malaysia on Monday.

“Gratitude will be deployed into Keyfield’s vessel chartering business for its customers to transport materials and equipment between shore and offshore platforms,” the company said.

Keyfield’s group chief executive officer and executive director Datuk Darren Kee noted that the acquisition is a strategic move to expand the company's fleet and broaden its service offerings. The group believes Gratitude will make an excellent addition to its fleet, as it can be used to fulfil invitations to bid for platform supply vessel chartering contracts, which the group has been invited to participate in, he said.

According to Keyfield’s website, the company currently operates two anchor handling tug supply vessels, nine accommodation workboats, an accommodation barge, and one geotechnical platform supply vessel.

Shares in Keyfield closed two sen or 0.82% lower at RM2.43 on Monday, valuing the group at RM1.95 billion.