WINS Acquires Full Control of Fast Offshore Supply, Expanding into Crew Transfer Vessel Market

PT Wintermar Offshore Marine Tbk (WINS) has announced the acquisition of full control of Fast Offshore Supply Pte Ltd (FOS) and its subsidiary PT Fast Offshore Indonesia (FOI), marking a strategic expansion into the crew transfer vessel (CTV) market. The transaction involves acquiring the remaining 52.5% stake in FOS from Seacoral Maritime Pte Ltd and the 49% stake in FOI from FOS, for a total consideration of US$33 million. This move gives WINS complete ownership of FOS, which has a significant presence in Brunei and specializes in building and operating aluminum vessels.

With this acquisition, WINS gains five newbuild DP crew transfer vessels scheduled for delivery in 2027, under a five-year charter with a major oil company in Brunei, with options to extend. Additionally, FOS has secured a shipbuilding contract to build and sell five more CTVs by 2028. These 55-meter vessels are designed for high operability in challenging conditions, featuring motion-compensated gangways, DP systems, triple bow thrusters, and four CAT engines delivering 9,000 BHP, powered by Hamilton HT810 waterjets. The vessels will enhance WINS's high-tier fleet from 12 to 22 units and increase its DP fleet to 25 units.

The acquisition is expected to lower the average age of WINS's fleet from 16 to 14 years, addressing the lack of newbuilding in recent years that has aged the fleet. The new vessels come with long-term contracts, providing earnings visibility and introducing a new revenue stream from shipbuilding. The transaction is earnings accretive, allowing WINS to fully consolidate earnings from the charter and shipbuilding contracts without minority leakage.

Financially, WINS will fund the acquisition through internal cash flow and a US$20 million loan. The valuation, supported by an independent appraisal from KJPP Tri, Santi dan Rekan, shows a price-to-book ratio of 1.01% for FOS and 0.96% for FOI. The transaction complies with OJK regulation POJK 42/2020 regarding affiliated party transactions. Following the acquisition, FOI will be converted into a fully domestic Indonesian company, compliant with cabotage regulations, to focus on supplying Indonesian-flagged aluminum vessels in anticipation of stronger domestic demand.

Wintermar Offshore Marine Group, with nearly 50 years of experience, operates a fleet of over 44 offshore support vessels. The company is ISO 9001:2015, ISO14001:2015, and OHSAS 18001:2007 certified. For more information, visit www.wintermar.com. View the original release on www.newmediawire.com.