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    Wintermar anticipates pick-up in activity in 2016

    News // November 3, 2014

    Wintermar Offshore Marine has reported that gross profit for the last nine months rose to US$46.5million (+6 per cent year on year) and EBITDA amounted to US$56.2 million. Revenue from owned vessels increased by 10 per cent YOY to US$82.8million for the first nine months of 2014 due to new vessel additions.

    Said the company: "President Joko Widodo's 'Working Cabinet' comprising several experienced professionals in key roles with their stated priority on building up the maritime and energy industry in Indonesia, bodes very well for the long term growth of our company, which is exposed to both these industries.

    "We remain optimistic about the future of the offshore oil and gas industry as a driver of growth in Indonesia. However, we recognize that it will take some months for the new Cabinet to settle into their roles before activity in our sector picks up.

    "In the meantime, we have established our international marketing team and have been lining up work in neighbouring markets like Myanmar, Vietnam and Brunei where there is still good demand for deepwater vessels.

    "Our strategy to build up our high value fleet remains intact, with 65 per cent of our fleet now positioned in the high value segment comprised of mid-tier and high-tier vessels.

    "We are looking ahead and planning for more value added vessels in 2015 and particularly in 2016 which is when we would expect a significant pick up in exploration and development activity in deepwater fields."

     

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