KUALA LUMPUR (Jan 21): Oil and gas services firm Keyfield International Bhd (KL:KEYFIELD) has completed its first solar photovoltaic (PV) system onboard its largest vessel, Keyfield Wisdom.
The project, which integrates a 121.2kWp solar hybrid system with battery energy storage (BESS), reduces the vessel’s reliance on onboard generator sets, thereby reducing its fuel consumption and cutting carbon emissions, Keyfield said in a statement on Tuesday.
The group said that the Keyfield Wisdom, a 500-men accommodation work barge, has been certified by the Malaysia Book of Records for hosting the most solar panels with battery storage on an offshore vessel.
Keyfield’s group chief operating officer Mohd Erwan Ahmad said the solar PV project is part of the group's broader strategy to enhance energy efficiency in its operations, reflecting its commitment to advancing sustainability within the maritime industry while representing a significant step forward in the group’s ESG (environmental, social and governance) journey.
"We undertook this project at our own initiative as we understand that it aligns well with the sustainability agenda of our clients, such as Petronas Carigali Sdn Bhd, Sarawak Shell Bhd [and] Sabah Shell Petroleum Co Ltd. It will reduce their operational costs when they are chartering our vessels which are equipped with such a system," he said.
The solar PV system, installed in collaboration with Worldwide Holdings Bhd as the engineering, procurement, construction and commissioning (EPCC) partner, was completed ahead of schedule despite time constraints due to the vessel's operational commitments.
Keyfield, which was listed in April 2024, posted a net profit of RM81.12 million for the third quarter ended Sept 30, 2024 (3QFY2024), up 77.18% from RM45.78 million a year earlier. Quarterly revenue rose 45.54% year-on-year to RM216.79 million from RM148.95 million.
This was the group's record quarterly earnings and revenue, driven by higher vessel utilisation rates and increased vessel numbers.
For the first nine months of FY2024, Keyfield's net profit more than doubled to RM181.45 million from RM83.35 million in the same period of FY2023, as cumulative revenue expanded 67.94% to RM522.15 million from RM310.92 million.
Keyfield shares closed up one sen or 0.4% at RM2.49, giving the group a market capitalisation of RM2 billion. Compared to its initial public offering price of 90 sen, the stock has nearly tripled in price since its listing nearly nine months ago.