Wintermar Operating Profit Jumps 25.1%, Expands to Brunei

JAKARTA, Investortrust.id — PT Wintermar Offshore Marine Tbk or WINS posts a 25.1% jump in operating profit on Saturday, Jan 24, 2026 in Jakarta as stronger utilization of high-tier vessels lifts margins, strengthening cash flow and supporting overseas expansion. The performance improves financial flexibility and underpins long-term growth prospects.

The company booked operating profit of $14.7 million in the third quarter of 2025, up from $11.8 million a year earlier, driven by solid performance in its core offshore vessel segment.

Revenue from owned vessels rose 11.6% year on year to $50.3 million as utilization of high-tier vessels climbed to 76%, reflecting stronger demand in offshore support activities.

Gross margin in the owned vessel division increased to 38% from 30% in the third quarter of 2024, while total revenue reached $58.5 million. EBITDA rose 15% year on year to $25.5 million from $22.1 million in the first nine months of 2024.

“This reflects the strong cash flow generated by the company as most of its previous vessel loans have been fully repaid,” management said in the report.

The company remained optimistic about long-term fundamentals despite global oil price volatility and softer OSV charter rates during the year, projecting higher demand for long-term contracts in 2026 and 2027 as oil and gas projects moved into development and production phases.

As of the end of September 2025, WINS held contracts worth $62.6 million and maintained a net gearing ratio of just 0.6%, giving it ample financial flexibility to add higher-value vessels to support future growth.

Wintermar also strengthened its international footprint through strategic expansion, reporting involvement in a long-term project in Brunei that would broaden its regional exposure.

Its Singapore-based associate, PT Fast Offshore Supply Pte Ltd, won a tender to supply five new 55-meter crew transfer vessels under a five-year charter contract in Brunei, with deliveries scheduled for 2027.

To support the expansion, WINS participated in a rights issue to finance construction of the vessels currently being built in Singapore and Batam, a move expected to secure future revenue visibility and enhance fleet renewal at its associate company.