Wintermar Offshore Marine Reports Strong 2025 Results with 31% Operating Profit Growth

Wintermar Offshore Marine Group reported substantial financial improvements for the fiscal year ended December 31, 2025, with operating profit surging 31% year-over-year to US$23.3 million. This performance reflects successful margin expansion through strategic fleet optimization, as core profit attributable to shareholders increased 19.2% to US$18 million. The company's owned vessel division demonstrated particular strength, with revenue rising 13.8% to US$70.7 million despite softer charter rates and lower offshore activity throughout the year.

The company's financial success stemmed from operating a larger number of higher-value vessels, particularly Dynamic Positioning (DP) equipped units that commanded premium rates. While utilization rates declined due to geopolitical concerns and shorter-term drilling projects, the strategic shift toward DP vessels compensated for these challenges. Total gross profit increased 24.1% to US$32.7 million, demonstrating the effectiveness of Wintermar's fleet composition strategy. The company operated seven Platform Supply Vessels (PSVs) by December 2025, compared to five at the end of 2024, with an additional PSV purchased late in the year expected to become operational in the second half of 2026.

Wintermar's chartering division experienced declining contributions as the company strategically transitioned toward a management fee-based ship management model for better scalability. This shift resulted in increased revenue from the other services division, which grew 9.3% year-over-year. The company's expansion necessitated higher operational costs, with total crewing expenses rising 10.5% to US$11.4 million due to more overseas contracts and DP vessel operations. Depreciation increased correspondingly by 10.4% to US$14.8 million, reflecting the full-year impact of fleet additions from 2024.

The company's improved operational efficiency is evident in its EBITDA growth of 21.8% to US$38.4 million, indicating stronger cash generation capabilities. Wintermar maintained a strong financial position with net cash despite increased debt for vessel refinancing, which contributed to an 83.5% rise in interest expenses to US$2.1 million. The company recorded a gain of US$3.5 million from the sale of two older mid-tier vessels, significantly lower than the previous year's windfall profit from PSV sales. For more detailed financial information, investors can refer to the company's official website at https://www.wintermar.com.

Industry conditions appear favorable for Wintermar's continued growth, with geopolitical developments driving renewed focus on energy security. The International Energy Agency revised electricity demand growth projections upward to 3.7% for 2026, well above historical averages, contributing to increased investment in oil and gas exploration. Recent Middle East tensions have further disrupted energy supplies, potentially triggering additional exploration investment as energy nationalism gains prominence. These factors support Wintermar's positive outlook for strong demand in offshore support vessels, particularly DP-equipped units, in the coming years.

Wintermar's business prospects are strengthened by Indonesia's strategic deepwater drilling projects, with four government-identified projects scheduled to begin production between 2027 and 2030. The company anticipates longer-term contracts for these projects as they ramp up in the second half of 2026. Management plans aggressive fleet expansion in 2026, budgeting more than double the previous year's capital expenditure of US$41.7 million in anticipation of increased OSV demand. This expansion will be funded through internal cash flow and bank loans, with the company holding US$59.1 million in contracts as of December 2025. The original press release containing these results is available through NewMediaWire at https://www.newmediawire.com.