Wintermar acquires 51% of Fast Offshore
Friday, June 20 2014 - 01:43 AM WIB
IDX-listed shipping firm PT Wintermar Offshore Marine Tbk. has finally completed the acquisition of 51 percent shares in PT Fast Offshore Indonesia (FOI) worth US$2.29 million.
Wintermar said in a filing with the Indonesia Stock Exchange Wednesday that the acquisition should benefit the company as FOI has a fleet of so-called fast multipurpose support vessels (FMSV), used to support deep sea drilling.
The company added that the FOI?s vessels, which also have overseas experience, would be combined with Wintermar?s own fleet when marketing its services under a ?one stop shop and one solution? concept to upstream oil and gas firms.
FOI is a unit of Singapore-established Fast Offshore Supply Pte. Ltd. According to Wintermar, the FOI acquisition should also help strengthens the company?s revenue stream as FOI?s vessels have already clinched long-term contracts.
Editing by Reiner Simanjuntak