Wintermar sets up new subsidiary

By Ruli Setiawan

IDX-listed shipping firm PT Wintermar Offshore Marine Tbk said that it had on April 26 set up a new subsidiary called Windia Offshore Private Limited.

The company said in a filing with the Indonesia Stock Exchange seen Friday that it holds a 99.71 percent shares in Windia. The company did not provide further details.

Wintermar, which is engaged in providing offshore supporting transportation services for oil and gas firms, turned to red last year due to the oil and gas industry slowdown.

The company made a net loss attributable to shareholders of US$5.7 million last year, compared to a net profit of $21.7 million in the previous year,.as oil and gas companies aggressively cut capital expenditure on exploration and demanded to renegotiate existing contracts for lower charter rates.

Editing by Reiner Simanjuntak