WINS, POSH set up joint venture
Friday, November 23 2012 - 02:24 AM WIB
PT Wintermar Offshore Marine Tbk (WINS) and PACC Offshore Services Holdings Pte Ltd (POSH) have set up a joint venture to provide the anchor handling, towing and supply vessels (AHTS) for Indonesia?s upstream oil and gas industry.
The joint venture will own and operate two units of Indonesian flagged 100+ tons bollard pull AHTS, ?WINPOSH Rampart? and ?WINPOSH Resolve?, both of which have been awarded contracts to support drilling activities for a multinational oil and gas company for up to two and half years, WINS said in a press statement on Friday.
It did not identify the multinational company.
This joint venture will consolidate WINS? market share as one of the leaders in the offshore support services industry in Indonesia, and allow the JV to meet the strong demand for offshore support vessels in Indonesia.
The government has awarded an increasing number of offshore blocks for drilling and exploration activities in Indonesia since 2007. Higher offshore activities coupled with deadline for Cabotage have created a strong demand for Indonesian flagged offshore vessels, particularly in deepwater projects.
WINS?s solid presence, strong track record and market knowledge in Indonesia, coupled with the experience and reputation of the POSH Group, strongly underpin the long term commitment of both companies to the Indonesian offshore sector.
?We are excited to embark on this new venture with Wintermar. POSH is firmly committed to the fast growing Indonesian offshore oil and gas industry.
Wintermar?s market leadership is demonstrated in their excellent track record, indepth knowledge and extensive local network, which will be a great benefit as together we grow the business through Indonesian flagged AHTS,? said Lee Keng Lin, Director of PACC Offshore Services Holdings (POSH).
?Deepwater drilling will drive the exploration activities in the coming years as most of the new offshore blocks are located in the straits of Makassar and Eastern parts of Indonesia. With the deepwater experience that POSH brings, and their large fleet and global experience, we are well positioned to serve the growing demand for deepwater vessels in Indonesia ?s offshore oil and gas industry.? said Sugiman Layanto, Managing Director of WINS.
As of 30th September 2012 the WINS? total contracts on hand are valued at US$ 264million, compared to US$l96million at the end of June 2012.
Editing by Benget Besalicto Tnb.