|By ACN Newswire||
|July 25, 2014 03:00 AM EDT||
- 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 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 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 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.
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
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.
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 7, 2016 07:00 AM EST Reads: 101
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Feb. 6, 2016 03:30 PM EST Reads: 709
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 6, 2016 03:15 PM EST Reads: 328
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 6, 2016 02:30 PM EST Reads: 355
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 6, 2016 01:30 PM EST Reads: 345
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 6, 2016 01:00 PM EST Reads: 541
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 6, 2016 11:00 AM EST Reads: 121
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 6, 2016 11:00 AM EST
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 6, 2016 09:00 AM EST
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 6, 2016 05:00 AM EST Reads: 332
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Feb. 5, 2016 09:00 PM EST Reads: 775
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Feb. 2, 2016 02:00 PM EST Reads: 406
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Feb. 2, 2016 04:30 AM EST Reads: 839
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
Feb. 1, 2016 05:00 AM EST Reads: 923
The IoT's basic concept of collecting data from as many sources possible to drive better decision making, create process innovation and realize additional revenue has been in use at large enterprises with deep pockets for decades. So what has changed? In his session at @ThingsExpo, Prasanna Sivaramakrishnan, Solutions Architect at Red Hat, discussed the impact commodity hardware, ubiquitous connectivity, and innovations in open source software are having on the connected universe of people, thi...
Jan. 31, 2016 09:00 PM EST Reads: 718
WebRTC: together these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at WebRTC Summit, Cary Bran, VP of Innovation and New Ventures at Plantronics and PLT Labs, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it may enable, complement or entirely transform.
Jan. 31, 2016 07:15 PM EST Reads: 1,135
For manufacturers, the Internet of Things (IoT) represents a jumping-off point for innovation, jobs, and revenue creation. But to adequately seize the opportunity, manufacturers must design devices that are interconnected, can continually sense their environment and process huge amounts of data. As a first step, manufacturers must embrace a new product development ecosystem in order to support these products.
Jan. 31, 2016 10:00 AM EST Reads: 798
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, showed how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants received the download information, scripts, and complete end-t...
Jan. 31, 2016 10:00 AM EST Reads: 1,201
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, discussed how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the dat...
Jan. 30, 2016 07:45 PM EST Reads: 775
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
Jan. 30, 2016 03:45 PM EST Reads: 1,259