INSIDE THIS REPORT 02 Keyfield at a Glance 14 Chairperson’s Message 09 Corporate Information 98 Board of Directors 244 Additional Compliance Information 07 History and Key Milestones 22 Management Discussion and Analysis 138 Statement on Directors’ Responsibility for Preparation of Financial Statements 112 Corporate Governance Overview Statement 249 Analysis of Shareholdings 03 Keyfield’s Fleet at a Glance 17 Group CEO’s Message 133 Statement on Risk Management and Internal Control 10 5-year Key Financial Highlights 105 Key Senior Management 248 List of Properties 08 Corporate Structure 34 Sustainability Statement FYE 2025 139 Audited Financial Statements 12 Key Events, Awards and Achievements 128 Audit and Risk Management Committee Report 252 Notice of Annual General Meeting Proxy Form 259 This report is available at keyfieldoffshore.com/reports/ To access our Annual Report, please scan the QR code with a QR code reader application on your smartphone.
KEYFIELD AT A GLANCE OUR VISION OUR FLEET OUR MISSION PRINCIPAL ACTIVITY To be the leading provider of offshore vessels in Malaysia and internationally, recognised for our integrity, professionalism and commitment to excellence. We strive to deliver quality offshore accommodation and catering services for offshore personnel. We currently own 14 vessels, as follows: • Two (2) 4-point mooring Accommodation Work Boats (“AWB”); • Six (6) Dynamic Positioning 2 (“DP2”) AWBs; • One (1) 8-point mooring Accommodation Work Barge; • Two (2) Dynamic Positioning 1 (“DP1”) Anchor Handling Tug Supply Vessels (“AHTS”); • One (1) DP2 Geotechnical Platform Supply Vessel (“PSV”); • One (1) DP2 PSV; and • One (1) DP2 Cable-Laying Barge. We also charter other third-party vessels on spot and bareboat basis. To support the industry by upholding our commitments to our customers, providing a comprehensive range of quality offshore vessels and services while adhering to the industry’s standards for health, safety, and environmental responsibility. With our experienced team, we work hand in hand to overcome challenges together and consistently deliver the best service to our valued customers. Ownership and chartering of own and third-party vessels, and provision of related onboard services such as accommodation, catering, housekeeping, laundry and medical support services. OUR LICENCES AND CERTIFICATIONS PANEL CONTRACTOR CONTRACT (“PCC”) HOLDER Holder of the following: i) Licence from PETRONAS with the following SWEC codes: SWEC Codes 21121510S Accommodation Work/Construction 21121511S Anchor Handling Tug (AHT)/Anchor Handling Tug & Supply (AHTS)/Tow Tug Boat 21121518S Platform Supply Vessel 21121519S Safety Standby/General Purpose/ Utility Vessel 21121638S Shipyard - FPSO/FSO (Building) 21121520S Straight Supply Vessel ii) Document of Compliance (“DoC”) issued by Surveyor General of Ships, Malaysia iii) ISO Certifications A panel contractor under the PCC for Offshore Support Vessel (“OSV”) services for Petroleum Arrangement Contractors (“PACs”) for the relevant SWEC codes. OUR CORE VALUES R RESPECT Self-respect and respect for team members, customers, business associates and competitors I INTEGRITY To be mindful and build trust, moral and support between management, executives, stakeholders, suppliers and clients C CONTENTMENT Practise gratitude and extend a helping hand to those in need H HUMANITY To practise kindness, be caring, graceful, generous, and considerate unconditionally 2 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
KEYFIELD’S FLEET AT A GLANCE ACCOMMODATION WORK BOATS M.V. LAGUNA SETIA 1 Accommodation Work Boat General Specifications Length: 78M Engine Size: 2 x 2,733 BHP Capacity: 208 pax Deck Space: Approximately 700m2 Main Crane: 50T @ 15M M.V. LAGUNA SETIA 2 Accommodation Work Boat General Specifications Length: 78M Engine Size: 2 x 2,733 BHP Capacity: 208 pax Deck Space: Approximately 700m2 Main Crane: 50T @ 15M M.V. KEYFIELD FALCON DP2 Hybrid Accommodation Work Boat General Specifications Length: 80M Engine Size: 2 x 3,180 BHP, Hybrid System Capacity: 200 pax Deck Space: Approximately 820m2 Main Crane: 70T @ 13M M.V. KEYFIELD GRACE DP2 Accommodation Work Boat General Specifications Length: 78M Engine Size: 2 x 3,000 BHP Capacity: 150 pax Deck Space: Approximately 850m2 Main Crane: 64T @ 13M 3 Annual Report 2025
KEYFIELD’S FLEET AT A GLANCE M.V. KEYFIELD COMMANDER DP2 Accommodation Work Boat General Specifications Length: 75M Engine Size: 2 x 2,960 BHP Capacity: 200 pax Deck Space: Approximately 482m2 Main Crane: 30T @ 16M M.V. KEYFIELD AMANAH DP2 Accommodation Work Boat General Specifications Length: 75M Engine Size: 2 x 2,575 BHP Capacity: 198 pax Deck Space: Approximately 600m2 Main Crane: 40T @ 12M M.V. KEYFIELD ITQAN DP2 Accommodation Work Boat General Specifications Length: 75.8M Engine Size: 2 x 2,575 BHP Capacity: 194 pax Deck Space: Approximately 600m2 Main Crane: 40T @ 12M M.V. KEYFIELD HARMONY DP2 Accommodation Work Boat General Specifications Length: 78M Engine Size: 2 x 3,000 BHP Capacity: 200 pax Deck Space: Approximately 750m2 Main Crane: 60T @ 38.6M ACCOMMODATION WORK BOATS (CONT’D) 4 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
ACCOMMODATION WORK BARGE ANCHOR HANDLING TUG SUPPLY VESSELS M.V. KEYFIELD AULIA DP1 Anchor Handling Tug Supply M.V. KEYFIELD KINDNESS DP1 Anchor Handling Tug Supply KEYFIELD WISDOM Accommodation Work Barge General Specifications Length: 123M Generator Size: 4 x 1,080 eKW Capacity: 500 pax Deck Space: Approximately 2,220m2 Main Crane: 300T @ 16M General Specifications General Specifications Length: 60M Engine Size: 2 x 2,544 BHP Capacity: 50 pax Deck Space: Approximately 392m2 Length: 60.5M Engine Size: 2 x 2,575 BHP Capacity: 42 pax Deck Space: Approximately 370m2 5 Annual Report 2025
PLATFORM SUPPLY VESSELS CABLE-LAYING BARGE M.V. KEYFIELD HELMS 1 DP2 Geotechnical Platform Supply Vessel General Specifications Length: 76M Engine Size: 2 x 2,500 BHP Capacity: 48 pax Deck Space: Approximately 700m2 M.V. KEYFIELD BLESSING DP2 Cable-Laying Barge General Specifications M.V. KEYFIELD GRATITUDE DP2 Platform Supply Vessel General Specifications Length: 78.5M Engine Size: 2 x 3,260 BHP Capacity: 59 pax Deck Space: Approximately 750m2 KEYFIELD’S FLEET AT A GLANCE Length: 98M Engine Size: 6 x 1,000 BHP Cable Load Capacity: 7,000MT 6 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
HISTORY AND KEY MILESTONES 2013 Incorporation of Keyfield Offshore Sdn. Bhd. 2016 In April 2016, secured our first chartering contract 2017 In March 2017, took delivery of our first own vessel, Laguna Setia 1, and commenced first charter in April 2017 2018 In June 2018, Keyfield Offshore applied to PETRONAS and subsequently obtained the Vessel Owner-Operator license with the SWEC code 21121510S 2019 In April 2019, Petronas Carigali Sdn. Bhd. (“PCSB”) awarded Keyfield Offshore a Letter of Award For Umbrella Contract to be a panel contractor(1) 2020 • In September 2020, took delivery of our second own vessel, Laguna Setia 2 • Incorporation of Keyfield International Berhad in November 2020 2024 • Took delivery of Amanah in January 2024, Itqan in July 2024 and Aulia in August 2024 • Listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) in April 2024 • Entered into a Shipbuilding Contract to construct a newbuild DP2 AWB in June 2024 • Appointed as panel contractor for the PCC for OSV services for PACs(3) in April 2024 • Achieved AA3 bond rating from RAM Rating Services Berhad in October 2024 2025 • Took delivery of Gratitude in January 2025, Blessing in April 2025 and Harmony in October 2025 • Disposed Lestari in June 2025 • Entered into the Malaysia Book of Records for most solar panels with Battery Energy Storage System (“BESS”) onboard Wisdom in January 2025 2021 Took delivery of Falcon in February 2021 and Kindness in November 2021 2022 Completed acquisitions of Grace, Compassion and Commander in February 2022 and obtained 3 additional SWEC codes(2) 2023 Took delivery of Lestari in March 2023, then Helms 1 and Wisdom in April 2023 2026 • Disposed Compassion in February 2026 • Entered into 2 separate Shipbuilding Contracts to construct 2 newbuild DP2 AHTS with dieselelectric engine in February and March 2026 • Obtained 2 additional SWEC codes(4) Notes: (1) Panel contractor under PCSB’s “Umbrella Contract for Offshore Support Vessel Services for PCSB and Petroleum Arrangement Contractors’ (“PACs”) Drilling and Project Activities” for a period of 3 years plus a unilateral extension of 2 years by PCSB. (2) 3 additional SWEC codes: (i) 21121518S (Platform Supply Vessel); (ii) 21121519S (Safety Standby/General Purpose/Utility Vessel) both in November 2022; and (iii) 21121511S (Anchor Handling Tug (AHT)/Anchor Handling Tug & Supply (AHTS)/Tow Tug Boat) in December 2022. (3) Panel contractor under PCSB’s Panel Contractor Contract (“PCC”) for Offshore Support Vessel (“OSV”) services for Petroleum Arrangement Contractors (“PACs”) for a period of 3 years plus a unilateral extension of 3 years by PCSB (4) 2 additional SWEC codes: (i) 21121638S (Shipyard - FPSO/FSO (Building)) in February 2026; (ii) 21121520S (Straight Supply Vessel) in March 2026. 7 Annual Report 2025
CORPORATE STRUCTURE Keyfield Offshore Sdn. Bhd. Keyfield Serenity Sdn. Bhd. Keyfield Resolute Sdn. Bhd. Keyfield Ikhlas FZCO Keyfield Biham Marine FZCO 100% 100% 100% 100% 65% Legend Subsidiary Associated Company Keyfield Endeavour Sdn. Bhd. 90% Naka Bayu Sdn. Bhd. 49% Keyfield Ship Services Sdn. Bhd. 51% Percon Keyfield Maritime Sdn. Bhd. 49% Keyfield Ventures (Labuan) Limited 100% Keyfield Biham Marine LLC-SPC 100% Keyfield Marine Sdn. Bhd. 100% 8 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M) KEYFIELD INTERNATIONAL BERHAD
CORPORATE INFORMATION BOARD OF DIRECTORS HAIDA SHENNY BINTI HAZRI Independent Non-Executive Chairperson DATO’ KEE CHIT HUEI Group Executive Director / Group Chief Executive Officer (“CEO”) MOHD ERWAN BIN AHMAD Group Executive Director / Group Chief Operating Officer (“COO”) REGISTERED OFFICE Level 5, Guoco Tower, 6 Jalan Damanlela, Damansara City, Bukit Damansara, 50490 Kuala Lumpur, Malaysia Tel: 03-7890 2833 Email: mysecretaryteam@incorp.asia STOCK EXCHANGE LISTING Main Market Bursa Malaysia Securities Berhad Listed on 22 April 2024 Stock Code : 5321 Stock Name : KEYFIELD HEAD OFFICE B-31-02, Tower B, Pavilion Embassy No 200, Jalan Ampang, 50450 Kuala Lumpur, Malaysia Tel: 03-7972 9118 Email: ir@keyfieldoffshore.com BRANCH OFFICE Lot 1891, 2nd Floor, Jalan Marina Square 2, Marina Parkcity, 98000 Miri, Sarawak, Malaysia SHARE REGISTRAR Tricor Investor & Issuing House Services Sdn. Bhd. Unit 32-01, Level 32, Tower A Vertical Business Suite, Avenue 3 Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia Tel: 03-2783 9299 Email: is.enquiry@vistra.com AUDITOR Crowe Malaysia PLT (Registration No. 201906000005 & LLP0018817-LCA (AF 1018)) Level 16, Tower C, Megan Avenue II 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur, Malaysia Tel: 03-2788 9999 PRINCIPAL BANKERS Malayan Banking Berhad CIMB Islamic Bank Berhad COMPANY SECRETARIES Ng Cheong Seng SSM PC No.:202408000584 (MIA 17444) Law Mee Poo SSM PC No.:201908002275 (MAICSA 7033423) JULANNAR BINTI ABD KADIR Independent Non-Executive Director LIM CHEE HWA Independent Non-Executive Director CHIA CHEE HOONG Independent Non-Executive Director 9 Annual Report 2025
5-YEAR KEY FINANCIAL HIGHLIGHTS Financial Year Ended 31 December 2021 RM’000 2022 RM’000 2023 RM’000 2024 RM’000 2025 RM’000 Revenue 139,756 236,204 430,451 687,152 430,524 Profit after tax (“PAT”) 18,007 49,851 107,115 227,783 143,599 Profit after tax and minority interests (“PATAMI”) 17,621 48,877 105,475 226,942 142,920 Earnings before interest, taxes, depreciation and amortisation (“EBITDA”) 39,495 91,713 197,355 360,319 256,702 Total assets 337,589 503,857 691,198 1,137,592 1,182,585 Total equity 144,682 192,337 294,392 714,945 787,534 Total cash and cash equivalents 14,656 17,024 68,540 321,590 234,927 Basic earnings per share (“EPS”) (sen) 3.5 9.8 21.1 31.8 17.7 Net assets (“NA”) per share (RM) 0.29 0.38 0.59 0.89 0.98 2025 2022 2023 2024 2021 430,524 687,152 430,451 236,204 139,756 0 200,000 400,000 600,000 800,000 2025 2022 2023 2024 2021 2025 2022 2023 2024 2021 142,920 226,942 105,475 48,877 17,621 0 50,000 100,000 150,000 200,000 250,000 17.7 31.8 21.1 9.8 3.5 0 5 10 15 20 25 30 35 2025 2022 2023 2024 2021 2025 2022 2023 2024 2021 787,534 714,945 294,392 192,337 144,682 2025 2022 2023 2024 2021 0.0 0.2 0.4 0.6 0.8 1.0 0 200,000 400,000 600,000 800,000 0.98 0.89 0.59 0.38 0.29 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,182,585 1,137,592 691,198 503,857 337,589 Revenue (RM'000) PATAMI (RM'000) Basic EPS (sen) Total Assets (RM’000) Total Equity (RM’000) NA per Share (RM) 10 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
For FYE 2025, we are pleased to highlight our financial ratios as follows: - FYE 2025 KEY FINANCIAL RATIOS 19.1% 12.4% 19.3% 51.0% 4.7x RM0.98 5.9% 0.004x Return on Equity Return on Assets Return on Fixed Assets Dividend Payout Ratio Current Ratio NA per Share Net Gearing Ratio Dividend Yield (Based on share price as at 31 December 2025) 11 Annual Report 2025
KEY EVENTS, AWARDS AND ACHIEVEMENTS JAN 6 Signed agreement to acquire Keyfield Gratitude at USD17.6 million. Took delivery on 15 January 2025. FEB 25 Received prestigious Blueprint Award by RAM Rating Services Berhad for Keyfield’s Sukuk Wakalah programme. MAR 27 Signed agreement to dispose Keyfield Lestari for a cash consideration of USD12.5 million. Vessel delivered to buyer on 5 June 2025. JAN 21 Successfully completed pilot Solar photovoltaic (“PV”) system onboard Keyfield Wisdom. Entered into Malaysian Book of Records for having most solar panels with battery pack onboard an offshore vessel. 2025 MAY 29 Held our 4th Annual General Meeting (“AGM”) which also marks our first AGM after our successful Main Market listing on 22 April 2024. JUL 10 Received the Certificate of Achievement in the category of safety award - Finalist Upstream Category from Shell. JUL 31 Presented with the Merdeka Award by Credit Guarantee Corporation Malaysia Berhad (“CGC”) during the 30th edition of the CGC Awards. APR 15 Signed agreement to acquire Keyfield Blessing at USD20.55 million. Took delivery on 28 April 2025. 12 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
KEY EVENTS, AWARDS AND ACHIEVEMENTS OCT 30-31 Attended the Malaysia OSV Owners’ Association (“MOSVA”) Forum and Gala Dinner 2025. AUG AUG 1 29 Awarded the HESS 2024 Logistics EHS LTI Free & Operational Excellence Award. Signed agreement to acquire Keyfield Harmony (formerly known as Carimin Acacia) at RM76.0 million. Took delivery on 23 October 2025. SEP 9-11 Participated in the International Conference on Maritime Logistics & Ports (“ICMLP”) 2025 in Johor Bahru. FEB 4 Signed agreement for shipbuilding of new DP2 AHTS with diesel-electric engine at USD18.0 million. MAR 31 Signed another agreement for shipbuilding of new DP2 AHTS with diesel-electric engine at USD18.0 million. 2026 NOV 8-9 Participated in the Karnival Pelaut & Rumah Api 2025 organised by Jabatan Laut Malaysia at Marina Putrajaya. NOV 14 Signed agreement to dispose Keyfield Compassion for a cash consideration of USD36.8 million. Vessel delivered to buyer on 20 February 2026. DEC 19 Awarded the Best ACT Award 2025 from Shell, recognising the outstanding commitment to safety demonstrated by one of our vessels, Keyfield Wisdom. 13 Annual Report 2025
CHAIRPERSON’S MESSAGE On behalf of the Board of Directors (“Board”) of Keyfield International Berhad (“Keyfield” or the “Company”) and its subsidiary companies (collectively known as “Keyfield Group” or the “Group”), I am pleased to present our Annual Report and Audited Financial Statements for the financial year ended 31 December 2025 (“FYE 2025”). DEAR VALUED SHAREHOLDERS, RESILIENCE IN A SOFTER MARKET Every business cycle brings both challenges and opportunities, and FYE 2025 was no exception for Keyfield. This financial year was characterised by subdued demand conditions in the local Offshore Support Vessel (“OSV”) market, following an exceptionally strong performance in the preceding financial year. Against that backdrop, the Board wishes to report that we remained profitable, cash-generative and financially resilient throughout FYE 2025. For FYE 2025, we achieved a revenue of RM430.5 million and profit after tax and minority interests (“PATAMI”) of RM142.9 million. While these results represent a step back from the exceptional performance recorded in financial year ended 31 December 2024 (“FYE 2024”) of RM687.2 million and RM226.9 million respectively, the decline was primarily attributable to a lower number of chartered days and softer average Daily Charter Rates ("DCR"). During FYE 2025, the utilisation of our own vessels declined to 63.1% from 80.4% in FYE 2024, primarily due to subdued demand conditions in the local OSV market arising from reduced offshore activities by PACs. We also experienced industry-wide moderation in DCR as market conditions became more competitive. These factors collectively weighed on our financial results, with basic earnings per share (“EPS”) declining from 31.8 sen in FYE 2024 to 17.7 sen in FYE 2025, and return on shareholders’ equity moderating from 45.4% in FYE 2024 to 19.1% in FYE 2025. 14 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
Nevertheless, our performance was cushioned by the strategic disposal of Keyfield Lestari, which generated a gain on disposal of RM25.7 million as part of our ongoing fleet optimisation and capital recycling strategy. At the same time, we continued to strengthen our fleet through the acquisition of 3 vessels, namely Keyfield Gratitude, Keyfield Blessing and Keyfield Harmony. These additions position us to capture opportunities in both the local and international markets as demand recovers. Beyond fleet expansion, FYE 2025 marked our inaugural expansion beyond Malaysia, with our customer base now extending to Singapore, China and the Middle East. This strategic expansion contributed RM33.0 million or 7.7% of total revenue for FYE 2025, representing a meaningful first step in reducing our concentration risk and positioning us for a more diversified business model for the future. Despite the headwinds experienced during FYE 2025, the Group continued to demonstrate financial resilience and discipline. We maintained a strong balance sheet, with total assets of approximately RM1.2 billion, cash and cash equivalents of RM234.9 million and a minimal net gearing of 0.004x as at 31 December 2025, as well as positive operating cash flows during the financial year, enabling us to navigate current market conditions while positioning ourselves for future opportunities. REWARDING OUR SHAREHOLDERS Notwithstanding the softer operating environment, the Board remained committed to delivering meaningful returns to shareholders. For FYE 2025, we declared a total dividend of 9.0 sen per ordinary share, amounting to RM72.6 million in total dividends. While the dividend per share was lower than the 11.0 sen declared in FYE 2024, reflecting the moderation in our earnings, the payout ratio increased to 51.0% of our PATAMI, compared to 38.9% in FYE 2024 and well surpassing our target dividend payout ratio of at least 20.0%. This underscores the Board’s commitment to rewarding shareholders even in a more challenging operating environment. In addition to the above, the Board also declared a special single-tier dividend of 2.0 sen per ordinary share on 25 February 2026, arising from the successful disposal of Keyfield Compassion, amounting to a total dividend payout of RM16.1 million payable on 27 March 2026. This special dividend reflects our commitment to sharing the proceeds from capital recycling with our shareholders. Looking ahead, it is the Board’s intention to maintain a healthy dividend payout ratio, balancing the need to conserve cash to support business expansion and future growth while continuing to reward shareholders with dividends, subject to the Group’s financial performance, operational requirements and growth plans. UPHOLDING STRONG GOVERNANCE Strong governance remains a cornerstone of how we operate. The Board is firmly committed to maintaining high standards of corporate governance, transparency and accountability in accordance with the Malaysian Code on Corporate Governance (“MCCG”). During FYE 2025, the Board undertook a comprehensive review and update of our key governance documents, including the Anti-Bribery and Corruption Policy, Whistleblowing Policy and Remuneration Policy, to ensure their continued relevance and alignment with evolving industry standards and corporate governance best practices. 15 Annual Report 2025
CHAIRPERSON’S MESSAGE (CONT’D) Further details of our corporate governance practices are set out in the Corporate Governance Overview Statement within this Annual Report and the Corporate Governance Report. OUR SUSTAINABILITY JOURNEY Sustainability remains a key consideration for the Board as we navigate the current operating environment while positioning ourselves for long-term resilience and value creation. The Board recognises that sustainable performance extends beyond financial outcomes and encompasses how we manage our environmental footprint, safeguard the well-being of our people and uphold strong governance practices. During FYE 2025, we achieved an inaugural 3-star FTSE4Good Environmental, Social and Governance (“ESG”) Rating based on the latest review conducted in December 2025, representing a meaningful milestone in our sustainability journey and an encouraging affirmation of the progress made to date. Another notable sustainability achievement in FYE 2025 was the successful installation and commissioning of a 121.2 kWp solar hybrid system integrated with a battery energy storage system (“BESS”) on our largest vessel, Keyfield Wisdom. This reduces the vessel’s reliance on onboard generator sets, thereby lowering fuel consumption and reducing its carbon footprint. We are proud that this achievement was recognised by the Malaysia Book of Records, which certified Keyfield Wisdom for having the most solar panels with battery storage onboard an offshore vessel. As we expand our operational footprint beyond the local market, the Board is mindful of the importance of maintaining consistent standards across all geographies. In particular, the Board continues to place strong emphasis on fostering a robust safety culture across both shore-based operations and offshore activities, supported by clear accountability, training and continuous improvement. We firmly believe that sound safety performance is integral to operational reliability and long-term business sustainability. Further information on the Group’s sustainability initiatives and efforts is detailed in the Sustainability Statement within this Annual Report. Looking ahead, we are committed to further enhancing our sustainability practices and disclosures, including the progressive adoption of International Financial Reporting Standards (“IFRS”) Sustainability Disclosure Standards S1 and S2. While recognising that this is a multi-year journey, the Board views alignment with these standards as an important step in strengthening data quality, consistency and comparability of sustainability reporting. ACKNOWLEDGEMENTS As we reflect on the year, I wish to acknowledge all those who have contributed to our progress. On behalf of the Board, I would like to extend my sincere appreciation to you, our valued shareholders, as well as our business associates, customers, suppliers, regulators and financial institutions for your continued support and confidence in Keyfield Group. My heartfelt thanks also go to the Management team and employees of the Group. Your professionalism, commitment and perseverance continue to be the foundation of the Group’s performance and achievements, particularly in a year marked by a more challenging operating environment. I also wish to extend my appreciation to my fellow Board members for their stewardship, insightful perspectives and steadfast engagement throughout the year. Your collective guidance has been invaluable as we navigated a normalising operating environment while laying the groundwork for the future. With a clear direction and strong foundations in place, we look ahead with purpose. Together, we will continue to navigate this journey with discipline and resilience, as we pursue sustainable growth and long-term value creation for all our stakeholders. Yours sincerely, Haida Shenny Binti Hazri Independent Non-Executive Chairperson 16 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
GROUP CEO’S MESSAGE At Keyfield, we believe in showing Gratitude for those who support us, in counting our Blessings for the opportunities entrusted to us, and moving forward together in Harmony. It is my pleasure to present Keyfield Group’s Annual Report for FYE 2025. While this was a challenging year for the OSV market amid softer demand conditions in the oil and gas industry, it was also a year in which we made meaningful strategic progress. DEAR VALUED SHAREHOLDERS, FYE 2025 IN REVIEW While FYE 2025 was a challenging year on the financial front, it was also an active and strategically important year for our Group, marked by purposeful repositioning and disciplined execution. In FYE 2025, our Group recorded a total revenue of RM430.5 million, representing a 37.3% decrease as compared to FYE 2024. Earnings before interest, taxes, depreciation and amortisation (“EBITDA”) and PATAMI also decreased to RM256.7 million and RM142.9 million respectively, reflecting the softer market conditions that prevailed throughout the financial year. The decline in revenue was primarily driven by lower utilisation rates for our own vessels, where we recorded 2,966 chartered days, representing a 63.1% utilisation rate, as compared to 3,381 days or an 80.4% utilisation rate in FYE 2024. This was largely attributable to weaker demand within the local OSV market arising from uncertainties in the local oil and gas environment following the softening of global average oil prices. In addition, 4 of our vessels underwent maintenance, retrofitting and dry docking for their special surveys in the first half of 2025, while others only commenced their chartering projects for FYE 2025 later in the financial year. We also strategically reduced our chartering of third-party vessels amid the weaker demand environment, prioritising the deployment of our own fleet. Nevertheless, our geographical diversification strategy is bearing fruit. In FYE 2025, we deployed vessels to the Middle East and India and secured contracts with customers based in the Middle East, China and Singapore. These international charters contributed RM33.0 million, or 7.7% of our total revenue in FYE 2025, representing a meaningful step towards building a more geographically diversified revenue base to support the long-term sustainability of our Group. 17 Annual Report 2025
OUTLOOK FOR THE OSV SECTOR IN MALAYSIA Malaysia’s Oil & Gas, Services and Equipment (“OGSE”) industry represents a substantial share of the national economy, contributing between 5.0% and 8.0% to the national GDP. Nevertheless, the industry is at a critical crossroad as a result of the urgent call for energy transition, which sees the energy industry moving towards a more sustainable model that is focused on renewables and less dependent on fossil fuels. (Source: National OGSE Industry Blueprint 2021 – 2030) While the longer-term trajectory points towards energy transition, in the shorter term between 2026 and 2028, PETRONAS remains steadfast in its target to sustain Malaysia’s oil and gas production at close to 2 million barrels of oil equivalent per day (MMboe/d), supported by continued investment in exploration activities, deepwater developments, enhanced oil recovery initiatives and the award of new production sharing contracts under the Malaysia Bid Round 2024. In particular, PETRONAS will focus on revitalising Malaysia’s exploration and production landscape to strengthen domestic energy security. These activities are expected to support increased offshore development activity, with demand for offshore support services likely to materialise from 2027 onwards, thereby presenting potential opportunities for service providers such as Keyfield. PETRONAS utilised 194 OSVs for offshore projects in 2025, below the earlier budget of 220 units due to weaker hook-up and commissioning (“HUC”) and maintenance, construction and modification (“MCM”) projects. The demand for OSVs is expected to remain subdued in 2026 and projected to decline by 2.1% to 190 vessels as a result of lower demand for AHTS and workboat/work barge. The downward revisions in planned drilling and project activities suggest a softer OSV demand environment through 2028. (Source: PETRONAS Activity Outlook 2026–2028; Kenanga Research Report) The OSV market also continues to face structural challenges arising from prolonged underinvestment and progressive fleet ageing. According to the Kenanga Research Report (citing Clarksons), 80.0% of the global OSV fleet will exceed 20 years old by 2035, indicating that a significant portion of global vessels may not be in optimal working condition if reinvestment in fleet does not occur. According to Bank Pembangunan Malaysia Berhad, Malaysia’s OSV fleet currently has an average age of between 12 and 15 years, which is still within the optimal age but would turn sub-optimal in a few years’ time. Typically, OSVs for longer-term charters exceeding GROUP CEO’S MESSAGE (CONT’D) 12 months are required to be not older than 15 to 20 years, while OSVs for shorter-term jobs may be acceptable with lifespans extending up to 30 years if the vessels are wellmaintained, subject to audit and insurance clearance. According to The Edge, the average age of Malaysia’s OSV fleet stands at 13.2 years, which remains acceptable until around 2027. Beyond that, without accelerated fleet renewal, a growing portion of vessels may only be suitable for short-term charters, reducing the pool of vessels eligible for longer-term contracts and potentially enabling younger vessels under 15 years to command premium rates. As such, Keyfield’s competitive position remains strong, supported by a relatively young fleet with an average age of 7.8 years. This positions us favourably to capture higher quality charter opportunities and potentially command premium DCR as market conditions recover. (Source: Kenanga Research Report) Leveraging this competitive positioning, our strategic focus remains anchored in the AWB segment, which continues to play an integral role in Malaysia’s upstream oil and gas industry. Our Group remains well positioned to support ongoing activities in maintenance, production optimisation and marginal field development, which are critical to sustaining output and extending the lifespan of existing offshore assets. Building on these core strengths, we have also diversified our geographical footprint by venturing into the Middle East market. While DCR in this region are generally lower than those in Malaysia, vessel utilisation tends to be higher due to the absence of seasonal monsoon disruptions. This diversification strategy is expected to help stabilise our overall vessel utilisation by broadening our customer base, while strengthening our resilience against cyclical fluctuations in any single market. 18 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
Overall, the near-term outlook for the OSV market remains cautious amid the softer offshore project activity. Nevertheless, we remain positive on our long-term outlook in view of Malaysia’s continued offshore production, coupled with structural tightening in vessel supply, where our relatively young fleet provides a strong foundation to capture opportunities as the market recovers. PROSPECTS FOR 2026 As part of our long-term development, our Group continues to align fleet composition with operational requirements and prevailing market demand, with an emphasis on deployability, capability relevance and earnings sustainability. During FYE 2025, we undertook selective fleet additions and a disposal following careful evaluation of asset capability, expected returns and strategic fit. Accordingly, we completed the acquisitions of 3 vessels and disposed of a vessel during the financial year, with a further disposal completed subsequent to the financial year end, namely the disposal of Keyfield Compassion in February 2026, reflecting our strategy to strengthen our fleet with higher-capability vessels while recycling capital from older assets, as detailed below: - Vessel Vessel Type Strategy Acquisition Keyfield Gratitude DP2 PSV To fulfil invitations-to-bid (“ITBs”) from PACs for PSV chartering projects Keyfield Blessing DP2 Cable-laying Barge To diversify into non-oil and gas sector, particularly offshore renewable energy and telecommunications and data transmission industries Keyfield Harmony DP2 AWB To increase our capacity and support our customers’ operations in harsher environments such as those with congested seabeds, deeper waters and varying weather conditions Disposal Keyfield Lestari 4-point mooring AWB To facilitate the acquisition of better specified vessels as Keyfield Lestari has a lower chartering demand as compared to a DP2 AWB due to its limited deployment capabilities and flexibility Building on our geographical diversification efforts, we have taken several steps to deepen our presence in the Middle East. In 2025, we invested in Keyfield Biham Marine FZCO (formerly known as Biham Marine FZCO) (“Keyfield Biham”) for a 65.0% equity interest, providing us with an established operational platform in the Middle East, supported by existing customer relationships and local market expertise. In addition, we entered into two shipbuilding contracts for the construction of two new DP2 AHTS vessels, the former with Jiangsu Shunhong Marine Technology Co., Ltd. in February 2026 and the latter with Fujian Mawei Shipbuilding Ltd. and Fujian Funing Shipbuilding Co., Ltd. in March 2026, as part of our strategy to increase exposure to the AHTS segment while maintaining our core strength in AWB as we expand our international charter operations. Together, these initiatives strengthen our international footprint and reduce our reliance on the domestic OSV market. Beyond geographical expansion, the Malaysian energy industry is undergoing structural transformation, with increasing focus on decarbonisation, cleaner shipping solutions and renewable energy development. In line with the National OGSE Industry Blueprint 2021–2030, there are growing opportunities for companies with established offshore capabilities to participate in adjacent sectors such as offshore wind, power and telecommunication projects. In this regard, our acquisition of Keyfield Blessing is well-positioned to ride on this rising trend. By adapting to this evolving landscape, we aim to maintain our competitiveness and broaden our service offerings while continuing to generate sustainable value for our stakeholders. Looking ahead, while the Malaysian oil and gas sector remains central to our Group’s operations in the short- to mediumterm, we will continue to expand our capabilities across selected maritime segments, including specialised offshore works and international deployment. With a strong balance sheet and a disciplined investment approach, we will continue to evaluate growth opportunities while remaining focused on operational efficiency and prudent capital management. 19 Annual Report 2025
GROUP CEO’S MESSAGE (CONT’D) MACROECONOMIC AND GEOPOLITICAL RISKS We remain mindful of the evolving macroeconomic and geopolitical landscape in the markets we serve, particularly in light of the heightened tensions in the Middle East which intensified in early 2026. While the situation remains fluid, we are closely monitoring developments and proactively assessing any potential impact on our operations and overall business outlook. At present, our operations have not experienced any material disruption arising from the situation, and our vessels continue to operate as normal. Nevertheless, we recognise that any prolonged instability may give rise to broader external challenges, including volatility in energy prices, potential disruptions to logistics and supply chains, increased operating costs, as well as potential impacts on revenue derived from the region. In response, we have implemented precautionary measures to mitigate potential risks, while ensuring the safety and well-being of our employees and crew members remain a top priority. DRIVING OPERATIONAL SUSTAINABILITY As part of our ongoing efforts to advance sustainable operations and responsible energy practices, we continue to pursue green energy initiatives that strengthen operational efficiency while reducing our environmental footprint. A key milestone in FYE 2025 was the installation of a 121.2 kWp solar hybrid system integrated with a BESS onboard Keyfield Wisdom, our largest vessel. This system reduces reliance on onboard generator sets, thereby lowering fuel consumption, reduces carbon emissions and improves operating cost efficiency. This initiative was recognised by the Malaysia Book of Records for having the most solar panels with battery storage onboard an offshore vessel, underscoring our commitment to embedding sustainable practices into our fleet operations. SUPPORTING OUR COMMUNITIES We view corporate social responsibility (“CSR”) as an essential component of sustainable business growth, extending beyond financial performance to create positive social and community impact. Guided by our core values of Respect, Integrity, Contentment and Humanity, together with our CSR motto, “Keriangan Berkongsi” (The Joys of Sharing), we remain committed to contributing meaningfully to the communities in which we operate. In FYE 2025, we allocated over RM360,000 towards CSR initiatives, delivering support to 33 beneficiaries across Malaysia. These efforts focused primarily on education and youth development, community welfare and support for underserved families aimed at supporting underserved communities and strengthening social well-being. Further information on our CSR initiatives and activities is available in the Sustainability Statement within this Annual Report. PROTECTING OUR PEOPLE AND ENVIRONMENT Health, safety and environmental management remains a critical component of our Group’s operations, particularly given the inherent risks associated with offshore operations, including remote working environments and exposure to harsh marine conditions. We continue to implement robust safety and environmental management practices to protect our workforce and minimise operational risks. These efforts were reflected in our safety performance for FYE 2025, where we maintained zero fatalities and zero lost time injuries across all operational activities, demonstrating the effectiveness of our safety management systems and operational discipline. Our commitment to safety was further recognised through multiple industry awards and acknowledgements from key stakeholders, including the Best ACT Award and a Certificate of Achievement in the category of Safety Award - Finalist Upstream Category, both from Shell Malaysia. On the environmental front, in line with ISO 14001 and ISO 45001 standards, we continue to conduct Environmental Aspect and Impact Assessments across our operations to ensure ongoing compliance and environmental performance, reinforcing our commitment to safe and sustainable operational practices. DELIVERING ABOVE-TARGET DIVIDEND RETURNS As part of our commitment to creating shareholder value, I am pleased to report that we declared a total dividend of 9.0 sen per ordinary share for FYE 2025, amounting to a total of RM72.6 million and representing a dividend payout ratio of 51.0% of our PATAMI. This exceeds both our target payout ratio of 20.0% and the previous year’s payout ratio of 38.9%. 20 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
Separately, and in addition to the above, we have also declared a special single-tier dividend of 2.0 sen per ordinary share on 25 February 2026, arising from the successful disposal of Keyfield Compassion, reflecting our approach to capital recycling and returning value to shareholders. As this special dividend is declared in respect of FYE 2026, it is not included in the FYE 2025 dividend payout ratio above. Moving forward, we remain committed to maintaining a healthy dividend payout ratio, balancing the need to conserve cash to support business expansion and future growth, while delivering sustainable shareholder value through disciplined capital management, strategic investments and consistent operational performance, subject to our Group’s financial performance, operational requirements and growth plans. WITH GRATITUDE On behalf of the Board, Management and employees of Keyfield, I would like to extend my deepest appreciation to all our stakeholders, including our valued shareholders, customers, suppliers, business associates and service providers, for your continued trust and support. I would also like to express my gratitude to the Chairperson and the Board for their guidance, support and invaluable insights throughout the financial year. Finally, I wish to commend our Management team, employees and crew members for their professionalism, resilience and dedication in supporting our Group’s daily operations and navigating the challenges of the operating environment. Yours sincerely, Dato’ Kee Chit Huei Group Executive Director / Group CEO 21 Annual Report 2025
Vessel category Vessel name Type of vessel Available accommodation capacity (pax) Functions Smaller sized vessels Keyfield Kindness 60M DP1 AHTS, 60T bollard pull 50 • A smaller accommodation vessel • An AHTS undertakes projects such as anchor deployment and retrieval, towing of vessels and re-stocking of supplies Keyfield Aulia 60.5M DP1 AHTS, 65T bollard pull 42 Keyfield Helms 1 76M DP2 Geotechnical PSV 48 • A smaller accommodation vessel • A geotechnical vessel equipped with moonpool to facilitate offshore geotechnical surveys • Can also be used as a PSV to transport materials and equipment between shore and offshore platforms Keyfield Gratitude 78.5M DP2 PSV 59 • A smaller accommodation vessel • A PSV transports materials and equipment between shore and offshore platforms Subtotal 199 Medium sized vessels Laguna Setia 1 78M 4-point mooring AWB 208 • Primarily used as a floating hotel with various amenities such as accommodation rooms, meals, laundry and hospital • Used as customer’s offshore office – equipped with meeting rooms, office space and internet connectivity • Deck area used for engineering works performed by our customers and their contractors • Fitted with a main crane for heavy lifting of equipment, between vessel and shore/offshore platforms • DP2 equipped vessels allow for deployment in harsher, deeper and congested seabed locations Laguna Setia 2 78M 4-point mooring AWB 208 Keyfield Falcon 80M DP2 AWB 200 Keyfield Grace 78M DP2 AWB 150 Keyfield Harmony 78M DP2 AWB 200 Keyfield Commander 75M DP2 AWB 200 Keyfield Amanah 75M DP2 AWB 198 Keyfield Itqan 75.8M DP2 AWB 194 Subtotal 1,558 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS OVERVIEW Keyfield is principally involved in the following activities: - (i) Chartering of own vessels and provision of related onboard services such as accommodation, catering, housekeeping, laundry and medical support services; and (ii) Chartering of third-party vessels and provision of related onboard services such as accommodation, catering, housekeeping, laundry and medical support services. We are one of Malaysia’s leading owners of offshore vessels. Our fleet, which is equipped with dynamic positioning and/or mooring systems, serves different stages of the upstream oil and gas sector and can also serve non-oil and gas customers who require offshore accommodation. Our vessels provide onboard amenities such as satellite internet connectivity, cabins fitted with bathrooms, conference/meeting rooms, offices, galley (onboard kitchen), mess/dining room(s), gymnasium and prayer room(s). Our current fleet of vessels comprises the following: - 22 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
Vessel category Vessel name Type of vessel Available accommodation capacity (pax) Functions Larger sized vessel Keyfield Wisdom 123M Accommodation Work Barge 500 • Similar functions as an AWB but on a much bigger scale • 1 out of only 2 such large-sized barges in Malaysia - 500 pax capacity, - 300MT main crane, - 2,220m2 workable deck space Subtotal 500 TOTAL 2,257 Vessel category Vessel name Type of vessel Cable load capacity (MT) Functions/ Capabilities Other types of vessels Keyfield Blessing 98M DP2 Cable-Laying Barge 7,000 • Designed to install underwater power cables • Can be retrofitted for fibre optic cables • Cable-laying plow up to 5-metre depth • Can self-propel, cable laying at speed up to 600 metres/hour TOTAL 7,000 In addition to our fleet of own vessels, we also charter third-party vessels to meet demand from our customers. In 2018, we obtained our Vessel Owner-Operator licence from PETRONAS with the SWEC code for AWBs. We further obtained 3 additional SWEC codes for AHTS, PSV and Safety Standby Vessel in 2022 and 2 additional SWEC codes for Shipyard - FPSO/FSO (Building) and Straight Supply Vessel in 2026. Our PETRONAS licence was last renewed in 2024 and remains valid until 2027, when we expect to renew it again. In 2024, we were appointed as one of the panel contractors for AWBs, AHTS and PSVs under PETRONAS’ PCC. This appointment is valid for a period of 3 years from the date of issuance by the respective PACs, unless earlier terminated. PETRONAS has the option to extend the appointment for an additional 3 years. No. SWEC Code SWEC Code Holder Panel Contractor 1 21121510S Accommodation Work/Construction Y Y 2 21121511S Anchor Handling Tug (AHT)/Anchor Handling Tug & Supply (AHTS)/Tow Tug Boat Y Y 3 21121518S Platform Supply Vessel Y Y 4 21121519S Safety Standby/General Purpose/Utility Vessel Y N 5 21121638S Shipyard - FPSO/FSO (Building) Y N 6 21121520S Straight Supply Vessel Y N Our appointment as a panel contractor under the PCC grants us the opportunity to participate directly in tenders issued by PCSB and PACs for AWBs, AHTS and PSVs, thereby providing us with a competitive advantage, as only a limited number of companies in Malaysia were appointed as panel contractors under the PCC. In 2025, in addition to vessels currently serving the oil and gas industry, Keyfield expanded its capabilities by venturing into the cable‑laying industry through the acquisition and deployment of Keyfield Blessing, a DP2 cable‑laying barge to the Middle East. Such diversification strengthens our ability to support offshore infrastructure projects, on top of our accommodation and offshore support vessel services. BUSINESS OVERVIEW (CONT’D) 23 Annual Report 2025
MANAGEMENT DISCUSSION AND ANALYSIS (CONT’D) FINANCIAL PERFORMANCE REVIEW FYE 2025 FYE 2024 Variance RM’000 RM’000 RM’000 % Revenue 430,524 687,152 (256,628) (37.3) Gross profit (“GP”) 184,871 341,958 (157,087) (45.9) Profit before tax (“PBT”) 183,748 304,245 (120,497) (39.6) PAT 143,599 227,783 (84,184) (37.0) PATAMI 142,920 226,942 (84,022) (37.0) EBITDA 256,702 360,319 (103,617) (28.8) GP margin (%) 42.9 49.8 - (6.9) PBT margin (%) 42.7 44.3 - (1.6) PAT margin (%) 33.4 33.1 - 0.3 PATAMI margin (%) 33.2 33.0 - 0.2 EBITDA margin (%) 59.6 52.4 - 7.2 Due to various external factors, our FYE 2025 business and financial performance were affected by softer demand conditions in the local offshore oil and gas industry, which the majority of our vessels were serving. Notwithstanding this, our Group still recorded a healthy set of financial results for the financial year, as shown in the table above. Revenue decreased by RM256.6 million or 37.3%, from RM687.2 million in FYE 2024 to RM430.5 million in FYE 2025. The reduction was mainly attributable to lower chartering and catering revenue from our own and third-party vessels. Our own vessels recorded 2,966 chartered days, representing a utilisation rate of 63.1% in FYE 2025 compared with 3,381 days or 80.4% in FYE 2024. Revenue from third-party vessels decreased from RM207.6 million in FYE 2024 to RM64.0 million in FYE 2025, reflecting our commitment to prioritising our own vessels. Our revenue is recognised based on time (i.e., the number of days our vessels are chartered) and not on project milestones. Revenue by Category of Vessels Own vessels, RM366.5 mil, 85.1% Own vessels, RM479.6 mil, 69.8% Third-party vessels, RM64.0 mil, 14.9% Third-party vessels, RM207.6 mil, 30.2% FYE 2025 FYE 2024 BUSINESS OVERVIEW (CONT’D) Meanwhile, in terms of customer geographical profile, in 2025, we also successfully deployed our vessels to customers outside Malaysia, i.e., to the Middle East region as well as India. Our customer base now includes PCSB, PACs, and oil and gas contractors in Malaysia, the Middle East, China (for our vessels deployed to the Middle East), Singapore (for our vessel deployed to India) as well as customers in the Malaysia-Thailand Joint Development Area. The breakdown of our revenue contributions by category of vessels and geographical segment of customers are illustrated as follows: - 24 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
FINANCIAL PERFORMANCE REVIEW (CONT’D) Revenue generated from our own vessels remained the primary contributor to earnings in FYE 2025, amounting to RM366.5 million or 85.1% of our total revenue. However, this represented a decrease of RM113.1 million or 23.6% compared to FYE 2024. The reduction was mainly due to lower chartering revenue, resulting from reduced utilisation levels and a decline in average DCR for AWBs. Our own vessels recorded 2,966 chartered days with a utilisation rate of 63.1% in FYE 2025, compared to 3,381 chartered days with a utilisation rate of 80.4% in FYE 2024. The weaker utilisation reflected subdued demand in the local OSV market, which was affected by reduced offshore activities from PACs, uncertainties in the local oil and gas environment, as well as the softening of global average oil prices. Chartered days were also impacted by higher maintenance downtime in the first half of 2025, as 4 of our vessels underwent dry docking for their special surveys. The lower chartered days consequently resulted in reduced catering revenue, as fewer passengers were served on board during the financial year. Against the backdrop of these market conditions, revenue generated from third-party vessels also decreased by RM143.6 million or 69.2% from RM207.6 million in FYE 2024 to RM64.0 million in FYE 2025. This decline was mainly due to weaker demand in the local OSV market, which resulted in fewer chartered days as we reduced our chartering of third-party vessels, strategically prioritising our own vessels. Thirdparty vessels recorded 1,067 chartered days in FYE 2025, compared to 2,374 chartered days in FYE 2024. The reduction reflected our cautious approach and strategic focus on deploying our own vessels, while overall market conditions remained subdued amid a moderation of local offshore activity due to the various factors as discussed above. As a result of the lower revenue, our GP decreased by RM157.1 million or 45.9% from RM342.0 million in FYE 2024 to RM184.9 million in FYE 2025. Our GP margin declined from 49.8% in FYE 2024 to 42.9% in FYE 2025, mainly due to a lower number of chartered days and reduced Revenue by Geographical Segments of Customers Malaysia, RM397.5 mil, 92.3% Malaysia, RM687.2 mil, 100.0% Overseas, RM33.0 mil, 7.7% FYE 2025 FYE 2024 utilisation rates and average DCR for our own vessels. Additionally, the higher quantum of reduction in GP compared to reduction in revenue was also due to costs incurred by us during vessel off-hire periods (i.e., when the vessel is not being utilised) comprising berthing charges, crew and fuel costs. In FYE 2025, our Group also recorded a total other income of approximately RM38.9 million, which was contributed mainly from the RM25.7 million gain on disposal of Keyfield Lestari which was completed in June 2025 and interest and investment income. We also recognised the writeback of allowance for impairment losses on trade receivables amounting to RM8.6 million as Vantris Energy group had repaid us in full in FYE 2025 for vessel chartering services provided to them in previous years. Corresponding with the decrease in GP, PBT and PAT also decreased by RM120.5 million or 39.6% and RM84.2 million or 37.0% respectively in FYE 2025 as compared to FYE 2024. Our PBT margin decreased to 42.7% in FYE 2025 from 44.3% in FYE 2024, while our PAT margin remained relatively stable at 33.4%, compared to 33.1% in the prior financial year. Notwithstanding the overall decline in revenue, FYE 2025 marked a pivotal milestone for our Group, as we achieved our inaugural expansion beyond Malaysia, with our customer base now extending to Singapore, China and the Middle East. This strategic expansion contributed RM33.0 million or 7.7% of total revenue for FYE 2025, while reducing the Malaysia market’s revenue share to 92.3% from 100.0% in FYE 2024. This diversification represents a positive first step towards mitigating our geographic concentration risk and positions us for a more resilient business model for the long term. 25 Annual Report 2025
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