Wintermar reports stronger earnings as offshore fleet expansion continues

Indonesian offshore vessel operator Wintermar Offshore Marine reported higher operating earnings for the first nine months of 2026, supported by increased activity from higher-specification vessels, improved charter rates and the consolidation of Fast Offshore Supply (FOS).

Operating profit increased 67.6% year on year to US$24.7 million for the nine months ended 30 September 2026, while revenue rose 30%. The company’s operating margin widened to 32.5% from 25.2% in the corresponding period of 2025.

Profit attributable to shareholders increased 91.9% to US$17.7 million, compared with US$9.2 million a year earlier. The result included a non-recurring benefit associated with the recovery of previously impaired receivables at FOS.

EBITDA rose 49% to US$37.9 million, while total gross profit increased 46.7% to US$32.1 million.

The Owned Vessel division remained the main contributor to earnings, recording revenue of US$65.8 million, up 30.9% year on year. Its gross margin increased to 45.3% from 40%, reflecting the operation of additional higher-tier offshore vessels.

Fleet utilisation moderates during third quarter

Despite the stronger nine-month performance, Wintermar reported a reduction in fleet utilisation during the third quarter.

The utilisation rate fell to 54%, compared with 62% in the second quarter, after three high-tier vessels completed long-term contracts. The company also cited delays in tenders for replacement contracts, resulting in more vessels operating in the spot market.

For the nine-month period, fleet utilisation remained at 60%, unchanged from the corresponding period of 2025.

The consolidation of FOS, acquired in June 2026, contributed to the group’s activities during the third quarter. It also increased depreciation, crewing expenses and other operating costs associated with the expanded fleet.

Revenue from chartering activities declined 20.5% to US$3.2 million, while Other Marine Services revenue increased 68.2% to US$6.9 million.

New vessels and contracted activities support expansion

Wintermar is continuing its fleet renewal programme through secondhand acquisitions and newbuilding projects, with an emphasis on higher-specification offshore support vessels.

A platform supply vessel acquired in 2025 is expected to commence operations in November 2026. Of the two secondhand diesel-electric vessels purchased in July, an anchor handling tug supply vessel entered operation in September, while a multi-role support vessel is expected to become operational during the first half of 2027.

The company also expects delivery of one newbuilding platform supply vessel and two multi-role support vessels in the second half of 2027.

Through FOS, Wintermar has acquired six existing fast multipurpose vessels, two of which have long-term contracts. FOS is also constructing five new crew transfer vessels (CTVs) covered by five-year charter agreements with extension options.

Those vessels are expected to begin operations from the first quarter of 2027, with the first unit already undergoing sea trials at the time of the company’s announcement.

Separately, FOS is scheduled to deliver another five CTVs to a customer during the first half of 2028 through its shipbuilding operations.

Wintermar reported contracts on hand of US$200 million at the end of September 2026, including FOS, with approximately 75% associated with international contracts.

The company said it expects borrowing levels to increase as construction continues and fleet investments progress ahead of the planned delivery and deployment of additional vessels.