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
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