Posted on August 28, 2026
KEYFIELD International Bhd is acquiring mega trailing suction hopper dredger Inai Kenanga for US$24.7 million (RM99.7 million) cash, marking the group’s entry into the dredging industry.
The 2016-built dredger, acquired from Inai Rimba Sdn Bhd (Receivers and Managers Appointed), has a hopper capacity of 32,205 cubic metres and was previously deployed for dredging and reclamation works in Malaysia.
An independent valuer estimated its fair market value at US$63.7 million, while the cost of constructing a similarly specified dredger is estimated at more than US$150 million.
Keyfield will fund US$23.8 million of the acquisition, while Star Naval 1 Pte Ltd (SNPL) will contribute US$900,000 and the estimated US$15 million reactivation cost.
A special purpose vehicle will subsequently own and operate the dredger, with Keyfield holding a 60% stake and SNPL 40%.
SNPL is co-owned by Starhigh Asia Pacific Pte Ltd, a Singapore-based dredging and sand supply player, and Naval Elite Ltd.
Keyfield group CEO and ED Datuk Darren Kee Chit Huei said the acquisition is part of the group’s strategy of acquiring assets below market value and diversifying beyond oil and gas.
Inai Kenanga is expected to be reactivated in 2027, after which Keyfield and Starhigh intend to pursue dredging projects in Southeast Asia, particularly Malaysia and Singapore.
Kee said the group aims to increase the contribution of non-oil and gas activities to up to 20% of its total profitability over the long term. — TMR
