PT Wintermar Offshore Marine Tbk (WINS) has acquired the remaining 52.5% shareholding of Fast Offshore Supply Pte Ltd (FOS) in Singapore and 49% of PT Fast Offshore Indonesia (FOI), giving the company full control of both entities. The transaction, valued at a total of US$33 million, was completed through an affiliated party transaction with Seacoral Maritime Pte Ltd, and has received a fairness opinion from an independent appraiser in compliance with OJK regulations.
FOS has a decade-long presence in Brunei and recently won an international tender to supply five next-generation aluminum Crew Transfer Vessels (CTVs) to a major oil company in Brunei, with delivery scheduled for 2027. These 55-meter vessels are designed for high operability, featuring motion-compensated gangways, DP systems, and triple bow thrusters, powered by four CAT engines and Hamilton waterjets. The initial charter is for five years with extension options. Additionally, FOS secured a shipbuilding contract for five more CTVs to be delivered by 2028.
With this acquisition, WINS adds five newbuild DP vessels to its fleet, increasing its high-tier fleet from 12 to 22 units and its DP fleet to 25 units. The average fleet age will decrease from 16 to 14 years, improving operational efficiency and earnings visibility. The company will also benefit from a new revenue stream from shipbuilding, as FOS is a specialized builder of aluminum vessels with a shipyard in Singapore.
The acquisition is earnings accretive, allowing WINS to fully consolidate the earnings from the five-year charter and shipbuilding contracts. WINS will finance the purchase through internal cash flow and a US$20 million loan. Following the acquisition, FOI will be converted into a fully domestic Indonesian company, focusing on supplying Indonesian-flagged aluminum vessels to meet anticipated local demand.
This strategic move strengthens WINS' position as a leading owner and operator of DP vessels in Asia, while expanding its business scope and providing long-term earnings stability. For more information, visit www.wintermar.com.
