Malaysian offshore services company Keyfield International has announced that its wholly-owned subsidiary, Keyfield Resolute, has entered into an agreement to dispose of the Keyfield Compassion, a six-year-old Dynamic Positioning 2 (DP2) accommodation workboat.
The vessel will be sold to Petro Laut, part of Brunei’s Mashhor group, for a cash consideration of $36.8 million.
Dato’ Darren Kee Chit Huei, Keyfield Group's Chief Executive Officer, stated that the disposal enables the group to unlock the vessel's value, generating a profit after tax of approximately MYR85 million ($20 million).
He noted that while the Keyfield Compassion had been profitable, its disposal comes at an opportune time.
“We had recently completed the acquisition of Carimin Acacia (now renamed Keyfield Harmony). We had also entered into a shipbuilding contract in June 2024 to build a DP2 AWB. Both of these will ensure that we have a continuous supply of suitable DP2 AWBs for us to serve our customers,” he said.
The company plans to redeploy the cash proceeds from the disposal for future fleet expansion plans and intends to declare a portion of the gains as dividends to shareholders, with the exact amount and date to be determined after the disposal's completion.
