Offshore support vessel (OSV) operator Keyfield International Bhd reported weaker financial results for the second quarter ended 30 June 2025 (2Q25), as reduced vessel utilisation and softer domestic market demand weighed on performance.
In a bourse filing, Keyfield said revenue fell to RM131.97 million from RM198.98 million a year earlier, while net profit dropped to RM66.36 million from RM70.04 million.
“The decline was mainly due to fewer chartered days for both owned and third-party vessels, stemming from higher maintenance downtime, lower domestic OSV demand and reduced charters for third-party vessels.
“The group’s utilisation rate slipped to 74.6% in 2Q25 from 96.9% a year ago, and to 58.2% year-to-date versus 82.4% previously, impacted by softer market conditions caused by weaker global oil prices, geopolitical tensions, US tariffs and uncertainty in Malaysia’s oil and gas sector,” it said.
For its cumulative six-month financial results, Keyfield’s revenue also posted lower revenue and profit. Its revenue dropped 28.4% to RM218.72 million from RM305.37 million a year earlier, while its net profit eased 13.3% to RM87.04 million.
To strengthen resilience, Keyfield said it is diversifying internationally and recalibrating its fleet, with initiatives including a two-year charter for its AHTS vessel in the UAE beginning May 2025, disposal of Keyfield Lestari with an RM25.7 million gain in 2Q25 and deployment of its maiden cable-laying barge Keyfield Blessing to Saudi Arabia under a one+one year contract, tapping non-oil and gas opportunities.
Despite the lower profit, Keyfield declared a second interim dividend of three sen per share, bringing its year-to-date payout to four sen, or about 37% of PATAMI.
