Malaysian Firm Enters Cable Laying Business with Vessel Acquisition
April 16, 2025
Malaysia-based fleet owner of self-propelled accommodation workboats Keyfield International has set out plans to acquire a newly-built DP2 cable-laying barge for $20.5 million, marking its expansion into cable laying market.
The 98-meter-long barge, to be renamed to Keyfield Blessing, will be acquired from Taizhou Sanfu Ship Engineering in China.
The acquisition will be undertaken by Keyfield Ventures (Labuan) Limited, a newly-incorporated 100% subsidiary of Keyfield.
The purchase will be fully funded by Keyfield group from its internal funds without any borrowings.
Keyfield Blessing is a specialised barge designed to install underwater cables, especially for power cables connecting offshore wind farms to the main grids and could also be retrofitted for laying telecommunication data fibre optic cables.
The vessel’s DP2 system, with its cable load capacity of 7000T and cable laying plow reaching 5m depth, is able to self-propel while undertaking cable-laying jobs at a speed of 600 meter/hour.
Concurrently, Keyfield group has also signed an agreement with Dejing Group in to charter out Keyfield Blessing on a bareboat charter basis for a firm period of one year, plus optional extension of one additional year, at Keyfield’s option, which is valued at $9.1 million including such extension option.
During the entire bareboat charter period, the charterer will be responsible for operational costs of the vessel including the mobilization costs to the project location, except hull and machinery insurance which is Keyfield’s responsibility.
Keyfield Blessing, a brand-new vessel, is currently located in Taizhou in China where it is expected to be simultaneously delivered to Keyfield group and thereafter to Dejing at the same location to commence the charter.
The vessel will then be mobilised to its project location in Saudi Arabia, after which it will be redelivered to Malaysia/Singapore when the current charter ends.
Keyfield Blessing will be Panama-flagged and chartered by Dejing for the Farasan Submarine Cable Project in Saudi Arabia.
“We are very excited to share with you regarding the addition of Keyfield Blessing to our fleet. This acquisition aligns with our strategic vision to diversify our fleet of vessels to be able to serve different industries, in line with our midterm objective of increasing non-oil and gas revenue, contributing up to 20% of our Group’s total revenue.
“Investing in a DP2 Cable Laying Barge is a strategic decision driven by current market trends and long-term opportunities. Global decarbonization goals are accelerating offshore wind projects, requiring extensive subsea power cables for grid connectivity in various parts of the world.
“By acquiring Keyfield Blessing and immediately chartering it out, it offers us a unique combination of immediate revenue opportunities and long-term relevance in a rapidly evolving and expanding market,” said Darren Kee, Keyfield’s Group Chief Executive Officer and Executive Director.
