Welcome!

News Feed Item

Wintermar Offshore Marine (IDX:WINS) Records 11% Growth in Net Income for 1H2014



- 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 Vessels

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 Division

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

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.

Outlook

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

Contact:
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.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
There is only one world-class Cloud event on earth, and that is Cloud Expo – which returns to Silicon Valley for the 21st Cloud Expo at the Santa Clara Convention Center, October 31 - November 2, 2017. Every Global 2000 enterprise in the world is now integrating cloud computing in some form into its IT development and operations. Midsize and small businesses are also migrating to the cloud in increasing numbers. Companies are each developing their unique mix of cloud technologies and service...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
With Cloud Foundry you can easily deploy and use apps utilizing websocket technology, but not everybody realizes that scaling them out is not that trivial. In his session at 21st Cloud Expo, Roman Swoszowski, CTO and VP, Cloud Foundry Services, at Grape Up, will show you an example of how to deal with this issue. He will demonstrate a cloud-native Spring Boot app running in Cloud Foundry and communicating with clients over websocket protocol that can be easily scaled horizontally and coordinate...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, will address this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of t...