PT Wintermar Offshore Marine Tbk (WINS) has taken full control of Fast Offshore Supply Pte Ltd (FOS) and its Indonesian subsidiary PT Fast Offshore Indonesia (FOI), acquiring the remaining shares to own 100% of both entities. The transaction, valued at US$33 million, includes a 52.5% stake in FOS from Seacoral Maritime Pte Ltd for US$26 million and 49% of FOI from FOS for US$7 million. The acquisition is financed through internal cash flow and a US$20 million loan.
This move brings five newbuild aluminum Crew Transfer Vessels (CTVs) under WINS ownership, currently under construction for delivery in 2027 to a major oil company in Brunei. These vessels, designed for high operability and safety with dynamic positioning systems and motion-compensated gangways, will operate under a five-year charter with extension options. Additionally, FOS secured a shipbuilding contract for five more CTVs to be delivered by 2028, introducing a new revenue stream for the group.
With this acquisition, WINS' high-tier fleet grows from 12 to 22 units, and its DP fleet expands to 25 vessels. The average fleet age decreases from 16 to 14 years, improving operational efficiency. FOS, a specialized aluminum shipbuilder since 2008, adds 7 existing Fast Multi-purpose Aluminum Vessels to WINS' fleet. The transaction is earnings accretive, as WINS consolidates full earnings from the charter and shipbuilding contracts.
FOI will convert to a wholly domestic Indonesian company compliant with cabotage regulations, positioning it to serve growing Indonesian demand for aluminum vessels. The independent appraisal by KJPP Tri, Santi dan Rekan confirmed the fairness of the transaction under OJK regulations. WINS strengthens its leadership in Asia's OSV market with long-term contracts and enhanced earnings visibility.
For more information, visit Wintermar Offshore Marine Group.
