KUALA LUMPUR: The daily charter rate (DCR) for offshore support vessels is expected to increase as the current supply does not meet the demand for offshore jobs.
Keyfield group CEO and executive director Datuk Darren Kee said the rate could also remain the same for the next two years due to the absence of new vessels.
“The group noticed that in the past few years, no newly built vessels have entered the market. Hence, the sector’s rate is expected to remain tight.
“The group foresees demand will outweigh supply as long as the offshore activities remain or are picked up,” said Kee at the long-term charter handover ceremony with Helms Geomarine yesterday.
He expressed gratitude that the group’s initial public offering (IPO) has almost tripled, and this will give the company more responsibility to deliver the expected result as required by investors.
“With this anticipation, there will be better performance and share price as Keyfield brings unique marine offshore vessel support, especially in the competition of vessel providers in Malaysia,” he said.
Meanwhile, the company delivered its Keyfield Helms 1(KH 1) DP2 geotechnical vessel to Helms Geomarine Sdn Bhd (HGSB), a Malaysian bumiputra company, for a three-plus-two-year charter contract which commences in July 2024.
The charter party agreement was signed in December 2023 before Keyfield’s listing in April 2024. The primary charter period will run until the end of June 2027.
During that time, KH1 will be used primarily to support HGSB’s recently awarded three-year geotechnical investigation contract with Petronas, which includes a two-year optional extension.
Kee said that recognising the evolving needs of the offshore industry, the group made a strategic decision to convert KH1 into a dedicated geotechnical vessel.
“Keyfield has successfully obtained KH1’s class notation, certified by Bureau Veritas, as a Geotechnical Services Vessel, making her the only Malaysian DP2 geotechnical vessel equipped with high precision acoustic positioning,” he said.
“The conversion of KH1 enables Keyfield to collaborate closely with HGSB to meet the stringent requirements and fill a crucial niche in the marketplace,” added Kee.
