Wintermar gets $45m loan to buy vessels for oil exploration

PT Wintermar Offshore Marines Tbk, a major provider of support vessels for oil and gas exploration and production activities, have secured loan worth US$45 million from the International Finance Corporation (IFC) to help expand its offshore oil and gas supporting fleet.

Sugiman Layanto, Wintermar Offshore Marines? President Director, said in Jakarta on Tuesday that the loan would be used to partly finance the purchases of 15 supply vessels to further expand its fleet over the next two years.

The expansion of the company?s shipping fleet will further support the exploration and production of oil and gas in offshore fields, especially in eastern Indonesia, he said.

The seven years tenure loan will be disbursed through Wintermar Offshore Marine Group, which would use the loan to purchase eight units of vessels this year and seven more in 2013.

At present, Wintermar has a fleet of 65 vessels, transporting crews and equipments. The company also provides one-stop shop services such as anchor handling, towing, and mooring of offshore rigs.

"The level of activity in the offshore industry has picked up significantly in the past 12 months as more new oil and gas exploration and production activities have started up in Indonesia,? Sugiman said.

"This is a direct result of the government's commitment to expand the country's oil and gas production activities. We are also excited about our partnership with the IFC, which underlines our ongoing commitment to high international standards of safety, quality and professionalism,? he said.

Editing by Roffie Kurniawan