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Tuesday, 6 December 2022, 12:00 HKT/SGT

Source: PT Wintermar Offshore Marine Tbk
Wintermar Offshore (WINS:JK) Fully Repays USD 45 Million Loan to IFC

JAKARTA, Dec 6, 2022 - (ACN Newswire) - On 5th December 2022, Wintermar Group (WINS) fully repaid the US$45 million loan facility by IFC signed in December 2011. The IFC loan enabled Wintermar to transform the fleet into higher valued vessels through the purchase of 8 OSVs. Although the loan maturity had been extended to 2025, through better cash management the Company has been able to fully repay the loan early on December 2022.

Sugiman Layanto, Managing Director of WINS said, "Wintermar values IFC as a partner that has played an important role in the growth of Wintermar. Our relationship with IFC facilitated the Company's growth to become a recognised international shipowner and operator in the Offshore industry. With IFC's support, Wintermar has continued to develop and reaffirm its best practices in Environmental, Social as well as Corporate Governance standards. We are thankful that we have been able to complete this early repayment of the loan ahead of the repayment schedule. We look forward to continuing our relationship."

Azam Khan, IFC Country Manager for Indonesia and Timor-Leste said, "We are very pleased with IFC's long term partnership with Wintermar. It demonstrates IFC's commitment and continuous support to local clients even during challenging times. We look forward to continuing this relationship and supporting the company's new initiatives such as offshore wind and other renewable energy endeavors."

Wintermar has in recent months embarked on a fleet expansion program, with total acquisition of 2 PSVs in 2021 and 1 PSV and 5 AHTS in 2022 through internally generated cash and term loans of US$14 million. Net gearing after this repayment is still low at 8.9%, providing room for further growth in the coming years.

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd's Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please 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, Oil & Gas
From the Asia Corporate News Network

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