Keyfield makes RM100m distressed mega dredger buy to accelerate non-O&G push
KUALA LUMPUR: Keyfield International Bhd has announced its entry into the dredging sector by acquiring Inai Kenanga, one of Asia’s largest trailing suction hopper dredgers (TSHD), for a cash consideration of US$24.7 million (approximately RM99.7 million).
Keyfield International Bhd has acquired a large Asian dredging vessel for $24.7 million, signaling its shift away from oil and gas-focused offshore support vessels. The purchase, made with internal cash reserves, is part of Keyfield's strategy to diversify into non-O&G marine solutions. The 32,205 m³ capacity dredger, acquired from receivers after Malayan Banking appointed them in March 2024, was the largest in Asia when built in 2016.
Keyfield CEO and Executive Director Datuk Darren Kee Chit Huei noted it was acquired below market value, an approach that has become a group tradition. The vessel will be operated as part of a joint venture between Keyfield and Star Naval 1 Pte Ltd, with funding split between the companies. The goal is to boost non-O&G earnings to 20% of total group revenue over time, with the dredger set to start operating in 2027.
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