Wintermar secures $45million loan to buy more vessels
Wednesday, December 28 2011 - 02:00 AM WIB
Under the loan agreement which was signed on Dec. 17, the $45 million loan facility will be used for financing WINS? fleet expansion plan, including the acquisition of 6 additional high value offshore support vessels (OSV) to complement the group's growing OSV fleet in the period 2011 ? 2012. The IFC Loan has a seven year tenor
WINS's management is proud to embark on this long term partnership with IFC, which supports the group's commitment to high international standards and with whom WINS shares a long term development vision for Indonesia.
The deal reflects the international financier?s trust and confidence in WINS' financial performance and its ability to capitalize on the large growth potential in the offshore energy industry in Indonesia, WINS said in a statement.
Managing Director, Sugiman Layanto, said, "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.
This is a direct result of the government's commitment to expand the country's oil & gas production activities, and our partnership with the IFC underlines our ongoing commitment to high international standards of safety, quality and professionalism. This loan will support our expansion plans to service the growing demand for Indonesian flagged OSVs." (romel)