Wintermar Offshore profit rises 31% in 2025 on stronger vessel mix
Wednesday, March 18 2026 - 07:38 AM WIB
By Rara Suratmi
IDX-listed offshore support vessel operator PT Wintermar Offshore Marine Tbk (IDX: WINS) reported a 31% year-on-year increase in operating profit in 2025, supported by improved margins from a higher-value fleet mix despite softer offshore activity.
Operating profit rose to $23.3 million in 2025 from $17.8 million a year earlier, while core net profit climbed 19.2% to $18.0 million, the company said in a statement.
Revenue from its owned vessel division, the main contributor to earnings, increased 13.8% to $70.7 million, with gross margins expanding to 41.7% from 36.1% in 2024. The improvement came as the company operated more dynamic positioning (DP)-equipped vessels, which command higher rates.
However, overall vessel utilisation declined due to geopolitical uncertainties and shorter-term drilling projects at an early stage of development, the company said.
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Gross profit rose 24.1% to $32.7 million, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 21.8% to $38.4 million.
The chartering division saw its contribution fall to $0.5 million from $1.4 million, reflecting a strategic shift towards a fee-based ship management model. Revenue from other services rose 9.3% to $2.8 million.
Higher operating activity and fleet expansion pushed up costs, with crewing expenses rising 10.5% to $11.4 million and depreciation increasing 10.4% to $14.8 million. Interest expenses also jumped 83.5% to $2.1 million as the company took on more debt to refinance vessels.
Wintermar said it operated seven platform supply vessels (PSVs) by the end of 2025, up from five a year earlier, and expects an additional vessel acquired in late 2025 to become operational in the second half of 2026.
Looking ahead, the company said demand for offshore support vessels is expected to remain strong, driven by increased global investment in oil and gas exploration, particularly in deepwater projects, as countries prioritise energy security.
Wintermar plans to expand its DP fleet further in 2026, budgeting more than double its 2025 capital expenditure of $41.7 million, funded by internal cash flow and bank loans.
Editing by Reiner Simanjuntak