From left: Keyfield International independent non-executive director Chia Chee Hoong, independent non-executive director Lim Chee Hwa, independent non-executive director Julannar Abdul Kadir, executive director and group chief operating officer Mohd Erwan Ahmad, executive director and group CEO Datuk Darren Kee Chit Huei, independent non-executive chairperson Haida Shenny Hazri, Bursa Malaysia Bhd CEO Datuk Muhamad Umar Swift, M&A Equity Holdings Bhd managing director Datuk Bill Tan, Maybank Investment Banking Group CEO Michael Oh-Lau and M&A Securities Sdn Bhd head of corporate finance Gary Ting
PETALING JAYA: Keyfield International Bhd debuted on the Main Market of Bursa Malaysia with an opening price of RM1.70 per share – a premium of 89% over its initial public offering (IPO) price of 90 sen per share.
The oil and gas offshore accommodation provider had a volume of 18.66 million shares at the opening bell.
Keyfield group chief executive officer Datuk Darren Kee Chit Huei said the group is grateful for the “reactive response” by the market to its shares.
He added that the group is bullish on its near-term outlook, especially for its accommodation vessels business.
This is particularly due to the shortage of suitable vessels, coupled with strong issuance of new work orders by relevant oil companies including Petroliam Nasional Bhd (PETRONAS) and petroleum arrangement contractors.
“We are seeing more tenders for accommodation vessels. As we speak today, all our vessels are fully chartered out and we are still looking for suitable vessels to meet our growing work orders,” he told a press conference after the listing of the company yesterday.
The group is identifying more third-party vessels and will potentially acquire more vessels to meet the growing demand. Keyfield acquired the IMS Aman in January.
“We are still looking to negotiate for more vessels,” Kee added.
Of the 11 vessels Keyfield owns, three are on a long-term tenure while the remaining eight are on spot charters ranging from two to 10 months.
Asked about the geopolitical tensions in the Middle East, Kee said there was no direct impact as its business is mainly within Malaysia and Thailand.
“For now our revenue is derived from Malaysia and some from a joint development area near Thailand,” he said.
There were no cancellations of orders from PETRONAS, Shell, PTT Exploration and Production and others in Sabah, Sarawak, Kemaman, Terengganu, as well Kelantan and Songkhla, Thailand, he added.
Although there is no correlation between higher prices of Brent crude oil and its operations, the group would benefit from the price hikes as it would encourage more offshore activities.
“We believe that higher oil prices would mean higher offshore activities and hopefully the oil majors will be more generous in their capital expenditure and do more to improve efficiency,” he added.
Keyfield closed 23 sen higher to RM1.93. It was the second most active stock with 108.82 million shares traded.
