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| Wintermar commemorated 10 years as a publicly listed company on the Indonesian Stock exchange on 29 Nov 2020. |
JAKARTA, Dec 1, 2020 - (ACN Newswire) - Wintermar is pleased to commemorate the 10th anniversary of its status as a public company listed on the Indonesian Stock exchange. The Company has transformed in 10 years into a leader in the Indonesian offshore vessel industry, with experience in over 13 countries, and is now ranked amongst the top 10 Offshore Companies in Asia Pacific by Clarksons Research.
Building Quality and Sustainability
The Management's efforts to build a sustainable company based on the Core Value of Integrity has been recognized by the strong support of international and multinational clients. Wintermar's ability to compete in international markets is the fruit of years of building up a strong internal management system to uphold high standards of quality, safety and care for the environment. In 2019, Wintermar became a signatory of the Brunei Energy Industry Integrity Pact, joining leaders in the energy industry in the commitment to and promotion of ethical practices. In 2020, the Company achieved the ISO 45001: 2018 certification for Occupational Health and Safety management system and issued the first standalone Sustainability Report 2019 which outlines and highlights the priority placed on Sustainability of People, Planet and Profit in which is encompassed in the Company's Management System.
Transformation into streamlined company with low gearing and focus on value added fleet
Over the past 10 years, management has led and guided the transformation of the Company into a lean and focused organization with an internationally competitive fleet, managed by high performing staff and well-trained crew. Through a fleet regeneration program, Wintermar has sold most of the low tier fleet and is now focused on a smaller fleet focusing on higher value added vessels comprising Platform Supply Vessels (PSVs), Anchor Handling Tug Supply (AHTS), Fast Multi-Purpose Vessels (FMPV), Anchor handling tugs and harbour tugs. Despite unfavourable business conditions due to the oil and gas market downturn since 2015, the Company has managed to consistently produce positive EBITDA and has reduced the net gearing from a peak of 79% in 2012 to only 34% as at end September 2020.
As business conditions are starting to improve with a more optimistic outlook for 2021, the Company is poised to make a strong recovery in the coming years.
Over the past few weeks, as more tenders are being announced, the Contracts on hand have started to pick up, amounting to US$73 million by end October 2020 from US$70 million at the end of September 2020.
Contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel: +62-21 530 5201 Ext 401
Email: investor_relations@wintermar.com
Topic: Press release summary
Source: PT Wintermar Offshore Marine Tbk
Sectors: Marine & Offshore
https://www.acnnewswire.com
From the Asia Corporate News Network
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