Keyfield Announces USD24.7 Million Acquisition Of Inai Kenanga, One Of Asia's Mega Trailing Suction Hopper Dredgers

KUALA LUMPUR, 27 AUGUST 2026 – Keyfield International Berhad (“Keyfield” or “the Group”) announced the acquisition of Inai Kenanga (“Inai Kenanga” or the “Dredger”), a mega trailing suction hopper dredger (“TSHD”), for a cash consideration of USD24.7 million, equivalent to approximately RM99.7 million. Inai Kenanga was acquired from Inai Rimba Sdn. Bhd. (Receivers and Managers Appointed), whom Malayan Banking Berhad had appointed as receivers and managers in March 2024.

Completed in 2016, Inai Kenanga was at the time the largest dredger in Asia and the third-largest in the world. Built at a reported cost of RM1.2 billion and with a hopper capacity of 32,205m³, it is designed for large-scale dredging, land reclamation, marine engineering, major infrastructure and coastal development projects. Under its previous ownership, Inai Kenanga was deployed for various dredging works in Malaysia, including during the tenure of a 15-year concession to undertake dredging and reclamation works at federal ports. The estimated fair market value of the Dredger, as assessed by an independent market valuer, is USD63.7 million while the estimated cost of constructing a similarly-specified dredger is upwards of USD150.0 million.

Along with the acquisition, Keyfield also announced the signing of a Shareholders’ Agreement with Star Naval 1 Pte Ltd (“SNPL”), a company co-owned by Starhigh Asia Pacific Pte Ltd (“Starhigh”) and Naval Elite Limited. The Shareholder’s Agreement lays the groundwork for the special purpose vehicle (“SPV”), which will eventually be 60:40 owned between Keyfield and SNPL. The SPV shall own and operate Inai Kenanga, allowing Keyfield and Starhigh to leverage their combined strengths to successfully secure and execute dredging projects in the future. Keyfield will fund USD23.8 million for Inai Kenanga’s purchase, with SNPL funding USD0.9 million plus Inai Kenanga’s estimated reactivation cost of USD15.0 million.

Starhigh, founded in 2006, is a Singapore-based regional player in the dredging and sand supply industry, with projects across Singapore, Cambodia and Peninsular Malaysia, while also actively exploring expansion opportunities in East Malaysia, Vietnam and Taiwan. Notable projects include extension of Singapore’s Jurong Island, as well as the development and maintenance of the navigation channel at Tok Bali Supply Base in Kelantan.

Dato’ Darren Kee Chit Huei, Group CEO and Executive Director, Keyfield Group, said:

“We are thrilled to announce the addition of our largest vessel to our fleet with the acquisition of Inai Kenanga, one of the region's largest trailing suction hopper dredgers.

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-O&G vessel, following last year’s acquisition of Keyfield Blessing, our cable-laying barge that is currently on-hire in the Middle East.

Notably, our acquisition of Inai Kenanga marks the continuation of our strategy of acquiring assets below market value, positioning ourselves to ride future growth opportunities. Our entry into the offshore support vessel (“OSV”) chartering industry in 2016 enabled us to assemble a young OSV fleet with top-of-the-range specifications at reasonable capital outlays. Today, we see parallels of this strategy and the acquisition of Inai Kenanga. With the former owner of Inai Kenanga having entered receivership, we were presented with a unique opportunity to acquire this asset at below market value. Leveraging the strength of our balance sheet, this acquisition will be funded through our internal cash -- hence not requiring any borrowings.

Following the reactivation of Inai Kenanga, which is expected to be completed in 2027, we, together with Starhigh, intend to participate in dredging projects in Southeast Asia, particularly Malaysia and Singapore. Starhigh brings relevant industry network and expertise that complements our marine asset ownership and operational capabilities.

Dredging and related marine works are increasingly important in strengthening coastal resilience and supporting the development of marine infrastructure. Activities such as beach nourishment, land reclamation, and the deepening and maintenance of waterways and channels facilitate the construction and expansion of ports and coastal developments, while also enhancing coastal protection and improving water flow and drainage during periods of flooding and storm surges.

Against this backdrop, demand for dredging and sand supply services is expected to grow, with projects such as Singapore’s Tuas Mega Port representing only the tip of the iceberg in terms of the region’s broader demand. Furthermore, the Transport Ministry’s intent to develop new policies to encourage the growth of Malaysia’s dredging and reclamation industry is expected to unlock opportunities for the Group.

Ultimately, our venture into the dredging industry will accelerate our evolution from a pure-play O&G OSV provider into a multi-spectrum marine solutions provider, providing additional income source, apart from OSV chartering and cable-laying chartering.

In the long term, we aim to increase the contribution of non-oil and gas activities to up to 20% of the Group’s total profitability. We are also continuing our geographical diversification strategy, through the securing of projects in the Middle East and Thailand and potentially other countries in the region.”