Wintermar buys more ships for offshore exploration

PT Wintermar Offshore Marine Tbk, an IDX-listed shipping company specializing in offshore oil and gas services, will buy more ships to take the advantage of the country?s growing offshore exploration activities, Kontan reported on Thursday.

This year, Wintermar would buy eight more ships which would comprise offshore, fast utility vessels, platform supply vessels, anchor handling tugs, and anchor handling tugs and supply. The company would spend up to US$60 million to finance the purchases of the new vessels.

With the operation of the new vessels, the company will have a fleet of 73 vessels. As of April this year Wintermar has received three of the eight vessels which would be bought this year.

The expansion of the shipping fleet would enable Wintermar to better tap into the growing offshore exploration activities in the country. More than 60 percent of the new oil and gas blocks tendered by the government in 2011 and 2012 are located offshore. The data indicates the growing prospect for offshore exploration activities in the country. (*)