PT Wintermar Offshore Marine Tbk (WINS) has acquired full ownership of Fast Offshore Supply Pte Ltd (FOS) and its subsidiary PT Fast Offshore Indonesia (FOI), expanding its operations into the building and operation of Fast Aluminium Crew Transfer Vessels (CTV). The acquisition involves purchasing the remaining 52.5% of FOS from Seacoral Maritime Pte Ltd and 49% of FOI, at a valuation of $26 million and $7 million, respectively.
FOS, a specialized shipbuilder based in Singapore, has a significant presence in Brunei, where it has supplied offshore vessels for a decade. In 2025, FOS secured an international tender to supply five next-generation aluminum CTVs to a major oil company in Brunei, with delivery scheduled for 2027. These vessels will be chartered for an initial five-year period, with options to extend.
Following this, FOS was awarded a shipbuilding contract by the same client to construct and sell an additional five CTVs by 2028. These 55-meter vessels are designed to meet stringent requirements and are equipped with advanced features such as motion-compensated gangways, DP systems, and triple bow thrusters, powered by four CAT engines delivering 9,000 BHP and four Hamilton HT810 waterjets.
The acquisition will increase Wintermar's high-tier fleet from 12 to 22 units, including the newly built CTVs, and expand its DP fleet to 25 units. This move comes amid strong oil prices and growing demand in the offshore support vessel (OSV) industry, where supply has been limited in recent years.
By acquiring FOS and FOI, Wintermar aims to lower the average age of its fleet from 16 to 14 years, providing earnings visibility and introducing a new revenue stream from shipbuilding. The transaction has been deemed fair by an independent appraiser, complying with OJK regulation POJK 42/2020 regarding affiliated party transactions.
Wintermar will finance the acquisition through internal cash flow and a $20 million loan. Post-acquisition, FOI will be converted into a fully domestic Indonesian company to comply with local cabotage regulations, focusing on supplying Indonesian-flagged aluminum vessels to meet anticipated demand growth.
This strategic acquisition strengthens Wintermar's position as a leading OSV owner and operator in Asia, allowing it to fully capture the financial benefits of the charter and shipbuilding contracts without minority leakage.
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