Wintermar secures $10m loan
Wednesday, October 3 2012 - 08:59 AM WIB
PT Wintermar Offshore Marine, an Indonesia-listed upstream offshore vessel services provider, announced it has signed an agreement to receive US$10 million in funds from International Finance Corporation (IFC) to be used for its expansion in the offshore oil and gas industry.
The fund is in the form of a convertible loan with exercise price of Rp500 per share, it said in a statement, adding that the financing will increase the firm?s capacity to tender for several upcoming projects in offshore oil and gas industry, particularly to support deepwater drilling in the eastern part of the country.
"We are strengthening our relationship with Wintermar, the largest Indonesian offshore supply vessels company and a valued partner," said Sergio Pimenta, IFC director for East Asia and the Pacific.
"Our investment will assist the company's expansion in the frontier areas of Indonesia and will help improve infrastructure services for the gas and oil industry, an important sector of the country's economy."
As of August 31, 2012, the total contracts on hand of Wintermar are valued $262.9 million, compared to $196 million at the end of June 2012.
Editing by Dadan Wijaksana