|By ACN Newswire||
|April 14, 2014 07:05 AM EDT||
Jakarta, Indonesia, Apr 14, 2014 - (ACN Newswire) - PT Wintermar Offshore Marine Tbk (WINS) is pleased to announce that IFC, a member of the World Bank Group focused on private sector development, has exercised their convertible loan and will become a shareholder of 4.92% of the issued capital of PT Wintermar Offshore Marine Tbk with effect from 14th April 2014.
IFC has been the largest lender to Wintermar, having extended a USD45 million straight loan in 2011 followed by a USD10million convertible loan with exercise price of Rp500 per share in 2012. With IFC's support, Wintermar has successfully delivered on our growth strategy to expand into higher value Offshore Support Vessels through the acquisition of larger and more technologically sophisticated vessels to serve the needs of the deepwater offshore oil and gas industry.
WINS FLEET COMPOSITION Vessels 2010 2011 2012 2013 Low Value 40 38 32 28 High Value 19 29 32 43 Total 50 67 64 71Over the past 3 years, WINS has taken delivery of 26 higher value vessels, while disposing of 16 older and lower value vessels, with higher value vessels now making up 60% of the fleet compared to only 32% in 2010.
"With IFC's support, we have improved our corporate governance and environmental standards," said Sugiman Layanto, Managing Director of PT Wintermar Offshore Marine Tbk. "IFC's ability to provide long tenures for our vessel loans has been a great advantage for us in executing our fleet expansion, especially in the recent years where there has been such growth in the demand for marine support for the deepwater drilling activities of the offshore oil and gas industry in Indonesia. We are grateful for our partnership and welcome IFC as a strategic shareholder."
Sarvesh Suri, Indonesia Country Manager of IFC added, IFC is delighted to be a shareholder in Wintermar. The company provides world class marine logistics services for the domestic oil and gas industry, which is an important driver of Indonesia's economic development."
In accordance with OJK regulations, IFC shares cannot be sold for a year.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world's most pressing development challenges. For more information, visit www.ifc.org.
PT Wintermar Offshore Marine
PT Wintermar Offshore Marine Tbk (IDX:WINS) is an Indonesian offshore marine services company that owns a fleet of over 64 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 [email protected]
Copyright 2014 ACN Newswire. All rights reserved.
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