Keyfield International (KLSE:KEYFIELD) signed a memorandum of sale to acquire a trailing suction hopper dredger named Inai Kenanga from Inai Rimba for $24.7 million, according to a Wednesday filing with Bursa Malaysia.
The acquisition is part of the oil and gas offshore support vessel provider's strategy to enter into the dredging sector.
The vessel will be held through a special purpose vehicle owned 60% by Keyfield and 40% by Singapore's Star Naval 1.