KUALA LUMPUR (May 14): Keyfield International Bhd (KL:KEYFIELD) and Indonesia's PT Elnusa Trans Samudera (ETSA) are exploring marine services opportunities in the region’s oil and gas (O&G) sector.
Keyfield told Bursa Malaysia that its wholly owned subsidiary Keyfield Offshore Sdn Bhd had signed a memorandum of understanding (MOU) with ETSA to pursue the plan.
ETSA is a subsidiary of PT Elnusa Tbk, which is primarily engaged in the provision of marine transportation support services for the O&G industry in Indonesia.
Under the MOU, ETSA will be responsible for identifying and securing project tenders within the Indonesian market, while Keyfield will provide selected marine assets — particularly cable-laying and subsea vessels — as well as experienced crew to support the execution of these projects.
The agreement establishes a framework for collaboration between the two parties, aimed at leveraging their respective strengths and resources to explore and pursue marine service opportunities, primarily in Indonesia’s O&G sector, as well as other related industries.
Upon securing a project, both parties will enter into a separate agreement to formalise the terms and conditions of the secured project.
“By combining Keyfield’s technical expertise and fleet capabilities with ETSA’s local market knowledge and presence, we are well positioned to deliver comprehensive marine support solutions in one of Southeast Asia’s most dynamic energy markets,” Keyfield’s chief executive officer and executive director Datuk Darren Kee said.
PT Elnusa president director Bachtiar Soeria Atmadja echoed a similar sentiment, saying that the MOU signing marks a strategic step and a significant momentum in strengthening synergies within the marine and offshore services sector, particularly in supporting the increasingly complex and demanding offshore operations and service development.
For the financial year ended Dec 31, 2024 (FY2024), Keyfield’s net profit doubled to RM226.94 million from RM105.48 million in FY2023, attributed to fleet expansion, improved vessel utilisation and higher charter rates.
Established in 2013, Keyfield specialises in the chartering of vessels and the provision of offshore accommodation and support services, including catering, housekeeping, laundry, and medical facilities.
The company operates a fleet of 15 vessels — 14 Malaysian-flagged vessels serving the O&G sector and one Panama-flagged vessel for cable-laying activities — with accommodation capacities ranging from 50 to 500 personnel.
Keyfield’s clientele includes major upstream O&G operators such as Petronas Carigali Sdn Bhd, Sarawak Shell Bhd, PTTEP, Malaysia Deepwater Production Contractors Sdn Bhd and Helms Geomarine Sdn Bhd.
Shares in Keyfield ended one sen or 0.5% higher at RM1.96, valuing the group at RM1.58 billion. Year-to-date, the stock has retreated 10.09%.