Keyfield Blessing is a specialized barge designed to install underwater cables, especially power cables connecting offshore wind farms to the main grids. It could also be retrofitted to lay telecommunication data fiber optic cables. KBlessing’s DP2 system, with its cable load capacity of 7000T and cable laying plow reaching 5m depth, can self-propel while undertaking cable-laying jobs at a speed of 600 meters/hour.
Concurrently, Keyfield group has also signed an agreement with Dejing Group Co., Ltd., China, to charter out Keyfield Blessing on a bareboat charter basis for a firm period of 1 year, plus an optional extension of 1 year, at Keyfield’s option, which is valued at $9.1 million including such extension option.
During the entire bareboat charter period, the Charterer will be responsible for the operational costs of the vessel, including the mobilization costs to the project location, except for hull and machinery insurance, which is Keyfield’s responsibility.
Keyfield Blessing, a brand-new vessel, is currently located in Taizhou, China where it is expected to be simultaneously delivered to Keyfield group and thereafter to Dejing at the same location to commence the charter. Keyfield Blessing will then be mobilized to its project location in Saudi Arabia. The vessel will be redelivered to Malaysia/Singapore when the current charter ends.
Keyfield Blessing will be Panama-flagged and chartered by Dejing for the Farasan Submarine Cable Project in Saudi Arabia. Dejing had been awarded by Hengtong Optic-Electric Co., Ltd. to supply the cable lay spread (including vessel, equipment, and manpower) for the Project, which involves 300+ km submarine power cables and 110+ km of submarine fiber optic cables (bundled laying). This Project will link Farasan Island to Saudi Arabia’s main electrical grid, ensuring a reliable, efficient, and environmentally responsible power supply in line with the expected development of the coral nature reserve situated in the Red Sea. Hengtong is a listed company on the Shanghai Stock Exchange, specializing in optical communication networks, power transmission, and emerging technologies such as IoT, big data, and new energy solutions. The company is the largest fiber optic and power cable manufacturer in China and ranks among the top 3 fiber optic communication enterprises in the world.
Keyfield’s Group Chief Executive Officer and Executive Director, Dato’ Darren Kee said, “We are very excited to share with you regarding the addition of Keyfield Blessing to our fleet. This acquisition aligns with our strategic vision to diversify our fleet of vessels to be able to serve different industries, in line with our midterm objective of increasing non-oil and gas revenue, contributing up to 20% of our Group’s total revenue.”
Keyfield Blessing is the first vessel which we have chartered out on bareboat basis, i.e. where we do not manage this vessel’s operations. As cabling laying is a new venture for our Group and the project location is in Saudi Arabia, we have decided on a bareboat charter model as this reduces operational risks for a new business area yet at the same time generates steady cash inflow to us.
Investing in a DP2 Cable Laying Barge is a strategic decision driven by current market trends and long-term opportunities. Global decarbonization goals are accelerating offshore wind projects, requiring extensive subsea power cables for grid connectivity in various parts of the world. Acquiring Keyfield Blessing and immediately chartering it out offers us a unique combination of immediate revenue opportunities and long-term relevance in a rapidly evolving and expanding market. Its operational superiority, alignment with global energy transitions, and strategic value in a supply-constrained market makes it an excellent investment for us to capitalize on sustainable infrastructure growth.”
