|By ACN Newswire||
|July 25, 2014 03:00 AM EDT||
- 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
JAKARTA, July 25, 2014 - (ACN Newswire) - PT Wintermar Offshore Marine (IDX:WINS) today reported YOY EBITDA growth of 24% for 1H2014 to USD 39.4 million, with net income up 11% YOY to USD 12.8 million.
Owned Vessel revenues were up 23% YOY to US$56.5million, reflecting the increase in our fleet over the past 12 months. Gross profit for Owned vessels in 1H2014 totalled USD 30 million, an increase of 31%, reflecting average gross margins of 53% compared to 49% in 1H2013. There were 3 new vessels acquired in Q2 2014 of which 2 were high value vessels, namely, a Platform Supply Vessel and an Anchor Handling tug supply of 8000 BHP.
Chartering revenue fell by 23% from USD 35.8 million in 1H2013 to USD 27.4 million in 1H2014, affected by delays in government approvals for oil and gas contracts. However, margins in this division continued to rise, thus driving a 7% increase in the gross profit from this division. We would expect the chartering division to remain lackluster as the political factors continue to dominate for the rest of this year.
Other Income and expenses
There were total Other net expenses of USD 6.6 million in 1H 2014 compared to USD 4.5 million in 1H2013, contributed by slightly higher interest expenses of USD 5.8 million from USD 5.4 million from higher loans resulting from fleet expansion, no vessel sales in 2014, loss in our associate earnings, and expenses relating to the conversion of our convertible loan into equity.
Net income before taxes increased by 20% to USD 20.2 million compared to USD 16.8 million in 2013, and after taxes and minorities, net income attributable to shareholders of WINS amounted to USD 12.8 million against USD 11.5 million the previous year, an increase of 11%.
Corporate activity and FOI Acquisition
In contrast with the slower operating environment in the 2nd Quarter, WINS was active in 3 noteworthy corporate events:
1) IFC converted their USD 10 million convertible loan and became a shareholder of about 4.9% of WINS, cementing a long term relationship between the two parties.
2) WINS issued 116.9 million new shares to investors for USD 8 million; and
3) WINS bought a 51% stake in an Indonesian company, PT Fast Offshore Indonesia (FOI), which owns 4 units of Fast Multipurpose Supply Vessels (FMPV) which can be used to support deepwater drilling operations.
The 51% stake of FOI adds to our fleet 4 Indonesian flagged, sophisticated, aluminum hulled vessels with 10,000 BHP engines and capable of carrying passengers, cargo, and towing. Three of them are certified with Fire-fighting capabilities and Dynamic Positioning.
WINS now controls a fleet of 77 vessels, including 12 high tier vessels. The additional vessels will boost WINS high value fleet to provide a range of vessels ready to support deepwater drilling operations, where activity is expected to pick up in the coming years as several new concessions start development work in Indonesia. The vessels have previously been deployed to work in overseas markets and are ready for work in Indonesia as they comply with cabotage requirements.
The pro-growth policies of the President-elect bodes well for the continued uptrend in the oil and gas industry, and we would expect the activity in the upstream industry to pick up again once the new Cabinet is installed towards the end of this year. Since early 2014, exploration activity in the oil and gas sector has slowed because of political factors causing delays in obtaining government approvals for larger contracts. With the Presidential election over, we are optimistic that the bottleneck will be soon addressed as one of the stated aims of the President-elect is to reduce bureaucracy and improve efficiency in government licensing procedures. The delays in government approvals for large contracts has meant that our vessels exposed to exploration activity received shorter term contracts, leading to lower overall utilization rates in 2Q2014 compared to 1Q2014. This situation should reverse when the new government is fully operational by the end of the year.
With our recent acquisition and equity funding, we have positioned WINS to anticipate a pickup in demand in 2015. In particular, as we expect the government to be committed to increase oil and gas production to keep up with demand growth, several large deepwater projects which were slated for 2014 are likely to pick up activity in 2015. We remain positive on the long term prospects for deepwater oil and gas development in Indonesia and with 65% of our OSV fleet now positioned in the high value segment, we are well positioned to serve the needs of the deepwater oil and gas industry.
About PT Wintermar Offshore Marine
PT Wintermar Offshore Marine Tbk (IDX:WINS) is an Indonesian offshore marine services company that owns a fleet of 77 vessels ready to handle a large variety of marine support services required in upstream oil and gas exploration and production activities including transporting crew, equipment and supplies, as well as providing services such as anchor handling, towing, and mooring of offshore rigs. Our young and growing fleet, comprising a wide variety of vessel types, enables us to offer innovative vessel and logistics solutions to serve our client base of multinational oil and gas companies. In 2011, WINS became the first shipping company in Indonesia to be certified with Integrated Management System by Lloyds Register Quality Assurance, comprising ISO 9001:2008 (Quality), ISO14001:2004 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.
Source: PT Wintermar Offshore Marine
Ms Pek Swan Layanto Investor Relations PT Wintermar Offshore Marine Tbk Tel +62 21 530 5201 Ext 401 Email: [email protected]
Copyright 2014 ACN Newswire. All rights reserved.
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Nov. 27, 2015 06:00 PM EST Reads: 413
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 27, 2015 04:00 PM EST Reads: 174
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
Nov. 27, 2015 02:00 PM EST Reads: 411
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
Nov. 27, 2015 01:00 PM EST Reads: 172
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 27, 2015 01:00 PM EST Reads: 155
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 27, 2015 12:00 PM EST Reads: 464
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
Nov. 27, 2015 12:00 PM EST Reads: 542
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Nov. 27, 2015 11:45 AM EST Reads: 538
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 27, 2015 11:00 AM EST Reads: 315
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Nov. 27, 2015 10:45 AM EST Reads: 384
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Nov. 27, 2015 10:45 AM EST Reads: 398
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Nov. 27, 2015 10:00 AM EST Reads: 308
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 27, 2015 10:00 AM EST Reads: 491
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Nov. 27, 2015 09:45 AM EST Reads: 221
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Nov. 27, 2015 09:15 AM EST Reads: 292