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Friday, 16 June 2023, 15:45 HKT/SGT

Source: PT Wintermar Offshore Marine Tbk
Wintermar Offshore (WINS:JK) Public Expose 2023

JAKARTA, June 16, 2023 - (ACN Newswire) - PT Wintermar Offshore Marine Tbk (WINS:JK) invested US$3.15 million out of capex plan of US$18 million in 2023, and expects higher demand for OSVs driven by a jump in approved deepwater oil and gas investments and tight OSV supply. During the Public Expose on 16 June 2023, PT Wintermar Offshore Marine Tbk unveiled its strategic plans to enhance fleet composition and profitability, positioning itself to capitalize on the anticipated upturn in the oil and gas industry.

The Company expressed a bullish outlook on O&G as a jump in approved investments in deepwater projects is expected to raise the demand for high-value Offshore Supply Vessels (OSVs) in the coming years. Wintermar aims to ride on the upturn, having added high tier fleet capacity, and stands to benefit from rising charter rates.

In 2021, the Company successfully acquired 2 vessels, followed by an additional 6 vessels in 2022, and acquired 1 more vessel in 2023. Out of the total of 9 vessels, 5 are currently operational. Meanwhile, out of the remaining 4 vessels, it is expected that 2 vessels will start operating in June 2023, 1 vessel to be ready to work in July, leaving only 1 vessel still in the process of reactivation.

Fleet utilization in the first quarter of 2023 was 67%, an increase from 61% in the first quarter of 2022, but still lower compared to the high utilization rate of 82% in the fourth quarter of 2022. The decrease in utilization is due to several vessels undergoing a transition after the completion of contracts. Some vessels were undergoing maintenance for preparation of long term contract engagements.

Management revealed that average vessel charter rates so far in 2023 are 35% higher than the average rental rates in 2022 for high tier vessels and 8% for mid tier vessels.

With the improvement in the oil and gas and OSV sector, the Company is expecting an increase in charter rates and utilization in the second half of 2023. This reflects the success in securing several longer-term contracts that will commence in the third and fourth quarters of 2023.

Finance Director Janto Lili reported that the Company succeeded in maintaining strong financial performance and solid debt management. The Company's Gross Profit for 1Q2023 reached US$1.6 million, reflecting a significant improvement compared to the previous year. With a low net gearing of 10.0%, Wintermar is well-positioned to fund its growth initiatives and market opportunities.

Managing Director of Wintermar, Sugiman Layanto expressed confidence in the coming years, as Wintermar anticipates a strong increase in demand for offshore support vessels driven by increasing investment in new projects in the deepwater oil and gas sector. This positive outlook comes at a time when the supply for OSVs remains tight due to the industry downturn over the past years.

For the future, Wintermar will continue to focus on selective acquisition of higher value vessels to improve the profitability of the overall fleet.

As at end of April 2023, the Company's Contracts on hand amounted to US$66 million.

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: Shareholders Meeting
Source: PT Wintermar Offshore Marine Tbk

Sectors: Marine & Offshore, Oil & Gas
From the Asia Corporate News Network

Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


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