Wintermar secures $27m loans from Bank Mandiri

PT Wintermar, a wholly-owned unit of Indonesia-listed marine support firm PT Wintermar Offshore Marine Tbk (WOM), has secured a five-year loan of US$25 million and a bank gurantee line of $2 million from Bank Mandiri to finance expansion of its offshore support vessels (OSVs) fleet.

Sugiman Layanto, Managing Director of WOM and Wintermar, said, "We are very pleased to work with Bank Mandiri, Indonesia's largest state bank, in developing the Indonesian marine offshore support services sector which is critical to the offshore oil and gas exploration and production industry."

With the implementation of Cabotage in May 2011, the growth of the Indonesian flagged OSV fleet is a key requirement for the realisation of the significant offshore oil and gas reserves in Indonesia for the country's future, Sugiman said..

The loan deal was signed on July 12, 2011

According to the company, it has won 23 new tenders from January through May 2011, with total contract on hand valued at $104 million. Wintermar currently owns a fleet of over 60 vessels.(denny)