Keyfield Passes KH1 To Helms Geomarine For Extended Charter – BusinessToday

Keyfield Passes KH1 To Helms Geomarine For Extended Charter – BusinessToday

Keyfield International Berhad has officially handed over its DP2 Geotechnical Vessel, Keyfield Helms 1 (KH1), to Helms Geomarine Sdn Bhd (HGSB). The handover marks the start of a 3 + 2 years charter contract, commencing in July 2024. This agreement, initially signed in December 2023, was finalized before Keyfield’s public listing in April 2024.

KH1 is a 76-meter Platform Supply Vessel, equipped with a Dynamic Positioning 2 system and a High Precision Acoustic Positioning (HiPAP) system, designed to locate subsea objects accurately in both shallow and deep-water environments. Certified by Bureau Veritas, KH1 was commissioned in 2021 as a dedicated offshore geotechnical vessel. It features a drilling rig capable of drilling up to 1,500 meters below the seabed, supporting various geotechnical investigations for offshore wind farms, hydrocarbon exploration, and submarine cable and pipeline routing.

Keyfield first chartered KH1 to HGSB in August 2021. The vessel was initially used for long-term contracts with PETRONAS and Sarawak Shell Berhad/Sabah Shell Petroleum Company (SSB/SSPC) in Malaysia. Over the past three years, HGSB also utilized the vessel for geotechnical surveys for PTTEP in Thailand and Myanmar and an offshore wind farm project off Yokji Island in South Korea.

In December 2023, Keyfield and HGSB agreed to a new 3 + 2 years charter contract, commencing in July 2024. The primary charter period will run until June 2027, during which KH1 will primarily support HGSB’s recently awarded 3-year geotechnical investigation contract with PETRONAS, including a 2-year optional extension. The vessel will also support HGSB’s long-term contracts with Carigali Hess and SSB/SSPC in Malaysia, as well as Chevron and PTTEP in Thailand.

Keyfield’s Group CEO and Executive Director, Dato’ Darren Kee, commented, “We first chartered KH1 to HGSB in August 2021 and have continued to support them since. Recognising the evolving needs of the offshore industry, we made a strategic decision to convert KH1 into a dedicated geotechnical vessel. We 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 HiPAP. The conversion of KH1 enables us to collaborate closely with HGSB, a 100% Malaysian Bumiputera PETRONAS contractor, to meet PETRONAS’s stringent requirements and fill a crucial niche in the marketplace.”

HGSB’s Managing Director, Dato’ Ir. Mohamad Helmi, added, “In 2021, HGSB achieved a breakthrough with a significant 3-year contract from PETRONAS. Keyfield played a crucial role during this pivotal period by providing the vessel, Keyfield Helms 1, and supporting HGSB with essential working capital and flexible financial arrangements. I extend my heartfelt thanks to Dato’ Darren for his unwavering support and trust in HGSB. Thanks to our consistent performance in servicing PETRONAS, Shell, PTTEP, and other key clients across Malaysia, Thailand, and Myanmar, PETRONAS has in June 2024 awarded HGSB a new 3-year soil boring contract, extendable to 5 years. This complements HGSB’s existing long-term contracts with Shell, Carigali Hess, PTTEP, and Chevron in Thailand. With a proven track record over the past three years using the same vessel, Keyfield Helms 1, I am confident that our partnership will continue to thrive.”

The handover of KH1 to HGSB underscores the continued collaboration between Keyfield and HGSB, highlighting both parties’ commitment to growth and innovation, and positioning them at the forefront of the offshore oil and gas industry in Malaysia and the region.

Related Articles