Investor Relations:
Wintermar Updates & Insights

WINS Newsletter #107 – 21 June 2024

Wintermar reports US$5 million Gross Profit and US$2.2million Net Attributable Profit for 1Q2024, driven by Owned Vessels gross margin expansion.

Wintermar's net attributable profit jumped by 501.1% YOY to US$6.7 million for FY2023 backed by higher charter rates

PT Wintermar Offshore Marine Tbk invests in Bruneian Company for Offshore Supply Vessel Operations

Wintermar records 9M2023 Net Attributable Profit of US$2.8million compared to a loss of US$2.1million in 9M2022, on the back of better margins from a rise in fleet utilization and charter rates.

Wintermar’s Gross Profit from Owned Vessels jumps to US$3.1million for 1H2023 from US$0.2million in 1H2022 on the back of 32.6%YOY increase in Owned Vessels revenue to US$ 19.2 million.

Wintermar invested US$3.15 million out of capex plan of US$18million in 2023, expects higher demand for OSVs driven by a jump in approved deepwater oil and gas investments and tight OSV supply.

Wintermar’s Operating Profit for 1Q2023 rebounds to US$1.6million from a loss of US$1.4million in 1Q2022 after strong increase in Revenues.

Wintermar wins Silver Award for Asia’s Best SME Sustainability Reporting Award.

Wintermar recorded FY2022 gross profit of US$11.2million, an 88% YOY growth, on the back of rising utilization and charter rates, and a 510%YOY jump in net profit to US$1.1million.

Wintermar has completed the full repayment of USD45million loan to IFC. On 5th December 2022, Wintermar Group fully repaid the US$45million 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.

Wins Acquires 2 Additional AHTS and Celebrates the 12th Anniversary of Listing on IDX. PT Wintermar Offshore Marine Tbk, has acquired 2 units of 7000BHP Anchor Handling Tug Supply (AHTS), to be named SMS Sonnet and SMS Stanza. The two AHTS will be delivered by December 2022, are ABS classed and have DP1 and FiFi1 capability, and expected to be utilized from 1Q2023.

Wintermar’s total revenue for 9M2022 jumps by 38%YOY to US$41.6million, while gross profit grew 29%YOY to US$5.3million.

Wintermar’s total revenue up 25%YOY to US$25million for 1H2022, helped by higher chartered vessels revenue.

Wintermar has invested US$12million to acquire 3 Platform Supply Vessels and 3 Anchor Handling Tug Supply Vessels since November 2021, to gear up for new drilling cycle.

Wintermar commemorated 10 years as a publicly listed company on the Indonesian Stock exchange on 29 Nov 2020.

Gross profit at WINS reverts to positive at US$1.56million for the 3rd Quarter 2017 on the back of higher quarterly revenue of US$14.7million and fleet utilization of 58% for the quarter compared to 56% in Q32016.

WINS fleet utilization improved steadily in 1H2017 as more stable oil prices lead to a recovery in offshore activity.

WINS 2Q2017 fleet utilization recovers to 56% compared to 49% in 1Q2017 while total revenue picks up by 11% on a quarter on quarter(QOQ) basis.

Since listing on the stock exchange 29 November 2010, WINS net assets have grown from USD 117 million as at 31 December 2010 to USD 259 million by end September 2015. Our fleet has expanded by 30% to 77 vessels from 59 vessels in the same period.

Lower activity levels in the upstream oil industry impacted utilization and charter rates in 3Q2015. Activity in the oil industry continued to reduce in the 3rd quarter as the previous quarter saw very few tenders for projects. This led to lower utilization across the board. As a result of this, there was more competition from other vessels in available tenders and charter rates were lower for the new jobs secured in the quarter.

Following the sharp fall in the oil prices, oil companies worldwide reacted swiftly in the first quarter 2015 with widespread retrenchments and severe cuts in exploration and production (E&P) budgets. The impact of these actions became evident in the oil services industry in 2Q2015 as utilization rates fell sharply and margins contracted across the board.

PT Wintermar Offshore Marine Tbk held its Annual General Meeting, Extraordinary General Meeting of Shareholders and Public Expose on Thursday 7th May 2015. The Company reported net income for 2014 of US$ 21.7 million down 22% from the previous year.

WINS Q1 2015 revenue was down 39% YOY to US$ 29.2 million, negatively impacted by severe cutbacks in oil and gas spending following the collapse in oil prices and uncertainty of oil price outlook.

Revenues from the Owned Vessel segment rose by 3% to US$110.9 million, reflecting an increase in our fleet. During the year we took delivery of 3 new vessels, 1 unit Platform Supply Vessel, 1 unit of 8000 BHP Anchor Handling Tug Supply and 1 unit Utility Vessel.

WINS Revenue from Owned Vessels increased by 10% YOY to USD 82.8million for 9M2014 due to new vessel additions. Gross profit for the nine months rose to USD 46.5million (+6%YOY) and EBITDA amounted to USD 56.2 million.

WINS reports YOY EBITDA growth of 24% for 1H2014 to USD 39.4 million, with net income up 11% YOY to USD 12.8 million. WINS acquires 51% in PT Fast Offshore Indonesia (FOI) with 4 Fast Multipurpose Vessels (FMPV), strengthening its fleet of high value OSVs

The Shareholders of WINS have approved a stock and cash dividend payout totaling 20% of 2013 net profit or USD 5.4 million, at the Company's Annual General Meeting of Shareholders on June 5th 2014. The stock dividend of USD 2.7 million will be paid out in the ratio of 1 (one) dividend shares for every 150 shares held, while a cash dividend of USD 2.7 million or Rp. 8 per share was also approved. This equates to a current dividend yield of approximately 1.3%.

The management of WINS is pleased to announce we have taken delivery of "WM Pacific”, the Largest Platform Supply Vessel (PSV) flying the Indonesian flag. WM Pacific is our 4th and largest Platform Supply Vessel. She will be the only Indonesian flagged PSV that is equipped with Firefighting capability certified to FIFI 2 standard.

Revenue from owned vessels rose 42%YOY to US$26.2 million as new higher tier vessels acquired during the course of 2013 started contributing. Gross margins on Owned Vessels rose to 57.5%, helped by a higher proportion of higher value vessels coupled with the strength of the US Dollar.

WINS is pleased to announce that our subsidiary PT Wintermar has been reinstated to be able to bid for tenders by PHE ONWJ, following the expiry of the one year sanction against PT Wintermar by PHE ONWJ following the vessel incident in 2013.

WINS is pleased to announce that IFC, a member of the World Bank Group focused on private sector development, has exercised their convertible loan and will become a shareholder of 4.92% of the issued capital of PT Wintermar Offshore Marine Tbk with effect from 14th April 2014.

WINS's accelerated fleet expansion in 2013 drove gross profit from Owned Vessels up by 71% YOY to US$51.4million on revenue growth of 50%. Rising charter rates and the strength of the USD against the Rupiah underpinned gross margin expansion in an environment of strong demand for offshore vessels.

WINS' strategy of adding to higher value fleet has pushed owned vessel revenues up by 42%YOY in 9M2013, while margins on owned vessels expanded from 46% in the same period last year to 51% in the period under review. In line with stronger demand for offshore support vessels (OSV) in Indonesia this year following the rise in offshore exploration activities, WINS has revised up our fleet expansion to 12 new vessels against the original plan of only 8 new vessels.

During 2013, WINS took delivery of 7 new vessels, 3 of which started operations in the first quarter and 4 new vessels in quarter 2. These 7 vessels comprise 4 Fast Utility Vessels (FUV), 1 Platform Supply Vessel (PSV), 1 Anchor Handling Tug and Supply (AHTS) and 1 Heavy Load Barge (HLB). Combined with the full operation of 2 AHTS and 1 Anchor Handling Tug (AHT) acquired in 2012, these new vessels contribute to the 29% increase in Revenue of US$ 9.4 million to reach US$ 41.7 million. The increase in revenue results in an increase in gross profit for the first half year 2013 to US$ 20.8 million from US$ 15.7 million last year.

PT Wintermar Offshore Marine Tbk at its Annual General Meeting for 2013 announced a Stock and Cash dividend amounting to a distribution of US$3,937,439.50 or 19.5% from the Net Profit available to shareholders from 2012. The Company will distribute an amount of USD 3,149,951.60 by way of a stock dividend at a ratio of 2 new shares for every 125 shares held by shareholders.

In view of some market rumours last week, the management of WINS would like to make a clarification regarding an incident involving one of our vessels and the implications for the company.

Revenue grew 45% in 1Q2013 to USD 39 million compared to 1Q2012 on the back of a rebound in the chartering division. As demand for higher value Indonesian Offshore Support Vessel (OSV)s picked up, our strong track record in the OSV market enabled us to win some higher value vessel contracts for which we brought in 3rd party vessels to operate.

Revenues from Owned Vessels rose by 20% to US$65.3million in FY2012 compared to FY2011, fuelled by fleet additions of 13 units of higher value vessels (12 mid and 1 high tier) in 2011 and 3 additional vessels (2 high tier and 1 mid-tier) in 2012. We took delivery of 2 units of 8000HP Anchor Handling Towage and Supply Vessels and 1 unit of Anchor Handling Tug in the second semester of 2012 for a total investment of US$48million.

The management of WINS is pleased to announce we have taken delivery of "WM Natuna", our latest Platform Supply Vessel ( PSV). This latest vessel, together with our other two PSVs, WM Makassar and WM Sulawesi are the only three Indonesian flagged PSVs in the 3500 dwt class, thereby strengthening our market leadership in this segment of the Offshore Support Vessel (OSV) market in Indonesia.

PT Wintermar Offshore Marine Tbk (WINS) and PACC Offshore Services Holdings Pte Ltd (POSH) have announced their agreement to enter into a joint venture aimed at the Anchor Handling, Towing & Supply vessels (AHTS) market in Indonesia.

For the first 9months of 2012, Own Vessel revenues grew 25% compared to the same period in 2011. This was largely owing to the 13 new fleet additions in 2011 which started contributing in 2012. The higher margin Own Vessel Division contributed largely to the 27% rise in EBITDA to USD28.6million.

PT Wintermar Offshore Marine Tbk (WINS) has signed an agreement to receive USD10million in funds from IFC in the form of a Convertible Loan with exercise price of Rp500. The funds will be earmarked for expansion in the offshore oil and gas industry.

In line with the new PSAK 10 prescribing companies to use their functional currency in accounting statements, WINS has changed our reporting currency to US Dollars, as most of the Group's transactions are in US Dollars. This eliminates the large fluctuations in FX gains and losses as a result of translating US$ liabilities into IDR. In the opinion of the Management, US$ financial statements reflect more accurately the operating condition of the Group.

In view of the high level of activity in the offshore vessels market, WINS has received shareholder approval to increase the firm's equity in order to provide more capacity for the Group to purchase additional of high value vessels. This was approved at the Extraordinary General Meeting of Shareholders of WINS on 26th June 2012.

Own Vessel revenues grew 47% in 1Q2012 to Rp147bn compared to 1Q2011, as a result of new fleet additions in 2011. Total revenues were up by 11% over the period against 1Q2011.Margins in the Own Vessel Segment rose from 46% to 51% as a result of better utilization of vessels as well as the strength of the USD against the Rupiah.

PT Wintermar Offshore Marine Tbk (WINS) is proud to announce the 2011 financial result released today. WINS recorded turnover of Rp 1.024bn in FY2011, a 53% jump from 2010, largely as a result of continued strong growth in the chartering business which grew by 66% in revenue terms while gross profit from chartering grew by 84% to Rp20bn. Own vessel revenues and profit also experienced strong growth of 36% and 38% respectively to Rp479bn and Rp223bn. Total gross profit was up 40% to Rp252bn.

PT Wintermar, a subsidiary of WINS has been awarded as winner for contract to provide 2 units of 8,000 BHP Anchor handling, Towing and Supply (AHTS) Vessels and 1 unit of Drilling Support Warehouse Barge(DSWB) to support BP Berau Ltd. in its drilling operations in Tangguh, Papua. This will mark the WINS Group's entrance into the 8,000BHP category of AHTS. Both vessels will be DP2 vessels with 100T bollard pull.