Malaysian offshore vessel operator Keyfield International reported a net profit of MYR79.2 million ($19.4 million) for the first half of 2026, down nine per cent from MYR87 million a year earlier.
Revenue for the six-month period fell 26.5 per cent year on year to MYR160.7 million, according to the group's financial report released on August 13.
For the second quarter ended June 30, core operating profit after tax and minority interest declined 43 per cent to MYR24.1 million from MYR42.3 million in the corresponding period of 2025. Second-quarter revenue fell 14 per cent to MYR113.5 million, while vessel utilisation declined to 69 per cent from 74.6 per cent.
Second-quarter 2025 earnings benefited from a one-off MYR25.7 million gain from the disposal of Keyfield Lestari. Operational delays caused by customer scheduling requirements and adverse weather in the South China Sea also affected performance during the first half of 2026.
All vessels assigned to the South China Sea region have resumed chartering contracts, except Keyfield Joyful, which was delivered in July. Keyfield expects the vessel's chartering contract to commence in the third quarter of 2026.
As part of its overseas expansion, Keyfield deployed two vessels to the Middle East for the first time this year, bringing its total fleet operating in the region to five. The company said foreign and international customers accounted for MYR49.9 million, or 31.1 per cent of first-half revenue, up from 7.1 per cent in the same period of 2025.
Three newbuild vessels are currently under construction, comprising one DP2 accommodation work boat and two supply vessels.
