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
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