PT Wintermar Offshore Marine Tbk (WINS) has completed the acquisition of the remaining 52.5% stake in Fast Offshore Supply Pte Ltd (FOS) and 49% of PT Fast Offshore Indonesia (FOI), giving WINS full control of both entities. The move expands WINS’s fleet with five newbuild dynamic positioning (DP) crew transfer vessels (CTVs) under a five-year charter starting in 2027, plus a contract to build and sell five additional CTVs by 2028.
The five CTVs, designed for a major oil company in Brunei, feature motion-compensated gangways, DP systems, and triple bow thrusters, powered by four CAT engines and Hamilton waterjets. These high-specification vessels are built for year-round operability and safe personnel transfer. FOS, a specialized aluminum shipbuilder based in Singapore, has designed and built similar vessels since 2008 and currently operates seven fast multipurpose aluminum vessels.
With this acquisition, Wintermar’s high-tier fleet increases from 12 to 22 units, and its DP fleet grows to 25 vessels. The average fleet age drops from 16 to 14 years, improving operational efficiency and earnings visibility. The company will fully consolidate earnings from the long-term charters and shipbuilding contract, reducing reliance on spot markets.
The transaction was valued at US$26 million for the FOS stake and US$7 million for FOI, financed through internal cash and a US$20 million loan. An independent appraisal and fairness opinion confirmed the valuations, complying with Indonesian regulations for affiliated transactions. FOI will be converted into a fully domestic Indonesian company to focus on supplying Indonesian-flagged aluminum vessels, anticipating stronger local demand.
Wintermar’s CEO noted that the acquisition strengthens its position as a leading OSV owner in Asia, adding a new revenue stream from shipbuilding while securing long-term contracts. The company’s fleet now includes 44 offshore support vessels, all operated by experienced Indonesian crews and monitored via satellite systems.
For more information, visit www.wintermar.com.
