Malaysian offshore vessel owner Keyfield International has entered the dredging market with the $24.7m (RM 99.7m) acquisition of the 2016-built Inai Kenanga, one of Asia's largest trailing suction hopper dredgers, according to Splash247. The purchase price is about 61% below the vessel's independent fair-market valuation of $63.7m, making the deal the company's second move beyond oil-and-gas assets.
Splash247 reported that the vessel was bought from receiver-managed Inai Rimba on an as-is, where-is basis. Ownership will sit in a special-purpose vehicle held 60% by Keyfield and 40% by Singapore-based Star Naval 1, an affiliate of Starhigh Asia Pacific. Star Naval 1 will fund the $15m reactivation cost, while Keyfield will finance its share from internal cash.
Acquisition rationale
Keyfield group CEO Darren Kee described the purchase as a deliberate expansion beyond oil and gas. The transaction follows last year's acquisition of Keyfield Blessing, a cable-laying barge currently on hire in the Middle East. Keyfield said the deal supports its longer-term goal of lifting non-oil and gas earnings to as much as 20% of group profit.
Keyfield group CEO Darren Kee said:
This acquisition marks our foray into the dredging industry and accelerates our expansion beyond the oil-and-gas sector. It is our second acquisition of a non-oil and gas vessel, following last year's acquisition of Keyfield Blessing, our cable-laying barge that is currently on-hire in the Middle East.
Vessel profile
The Inai Kenanga is 197.7m long with a hopper capacity of 32,205 cu m. At the time of its construction, it was the third-largest vessel of its kind globally, according to Splash247. An independent valuation placed its fair value at $63.7m, while a newbuild with similar specifications would cost more than $150m.
| Deal element | Figure |
|---|---|
| Acquisition price | $24.7m (RM 99.7m) |
| Independent fair value | $63.7m |
| Discount vs. fair value | ~61% |
| Estimated newbuild cost | >$150m |
| Vessel length | 197.7 m |
| Hopper capacity | 32,205 cu m |
| Reactivation cost funded by Star Naval 1 | $15m |
| SPV ownership | 60% Keyfield / 40% Star Naval 1 |
Operational timeline and geographic focus
After reactivation, expected in 2027, the company and Starhigh plan to pursue dredging and land reclamation projects across Southeast Asia, focusing on Malaysia and Singapore, Splash247 reported. The vessel will be owned by the special-purpose vehicle, with Keyfield holding the controlling stake.
For freight forwarders, 3PL operators, and port authorities, the concrete operational development in the report is the planned addition of a large-capacity dredger to the Southeast Asian market, with Malaysia and Singapore named as the focus. The deal also expands Keyfield's non-oil-and-gas fleet, which currently includes the cable-laying barge Keyfield Blessing on hire in the Middle East.
Watch list
The factors that could change the situation next, based on the Splash247 report, are the completion of the Inai Kenanga's reactivation in 2027, the deployment of the dredger on specific Southeast Asian projects, and Keyfield's progress toward its target of non-oil and gas earnings reaching as much as 20% of group profit.
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