Wintermar Plans to Reposition Company for Growth

Aug 25, 2021 20:00 JST

Source: PT Wintermar Offshore Marine Tbk

WINS' management repositioning Company for expansion, through fleet restructuring and refocusing on future growth areas.

JAKARTA, Aug 25, 2021 - (ACN Newswire) - In the Public Expose on 25th August 2021, PT Wintermar Offshore Marine Tbk (WINS:JK) Managing Director Sugiman Layanto affirmed the positive outlook for the Company, as higher oil prices have initiated a new investment cycle for Offshore oilfield development.

The Company's Annual General Meeting of Shareholders (AGM) on 19th August 2021 approved the issuance of up to 415 million shares without pre-emptive rights, of which 400 million are to be issued at any time within the next 24 months, which together with the Company's lowered net gearing of 29% lays the foundation for setting a new direction of growth.

Summarizing the results for the first half this year, Finance Director Janto Lili said that the downsizing of fleet and cost efficiency measures had turned the Company around, from a gross loss last year to a gross profit of US$3.3 million in the first 6 months of 2021.

In his review of the business outlook, Managing Director Sugiman Layanto gave a four-point strategy for growth: 1) To focus on a streamlined and efficient fleet, 2) To continue to improve operational efficiency to keep a low cost base, 3) Positioning for future growth areas like new assets and venturing into renewable energy, and lastly 4) to integrate sustainability into business planning.

The positive industry prospects supported by higher oil prices has resulted in a higher demand for OSVs. With net gearing reduced to 29% currently and access to funding with the approval of share issuance, Wintermar is now ready to start investing again.

As at end of June 2021, the Company's Contracts on hand amounted to US$69 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, sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by an 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

Source: PT Wintermar Offshore Marine Tbk
Sectors: Marine & Offshore