Welcome!

Apache Authors: William Schmarzo, Christopher Harrold, Elizabeth White, Talend Inc., Adrian Bridgwater

News Feed Item

Wintermar Offshore Marine (IDX:WINS) Records 11% Growth in Net Income for 1H2014



- 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 Vessels

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 Division

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

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.

Outlook

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

Contact:
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.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services 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. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
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 cloud...