PT Wintermar Offshore Marine Tbk (WINS) has announced the acquisition of the remaining 52.5% stake in Fast Offshore Supply Pte Ltd (FOS) and the 49% it did not already own in PT Fast Offshore Indonesia (FOI), giving the company full control of both entities. The transaction, valued at a combined US$33 million, positions WINS to fully consolidate earnings from a five-year charter for five newbuild aluminum crew transfer vessels (CTV) and a shipbuilding contract for five additional units.
FOS, a specialized shipbuilder based in Singapore, has been designing and building aluminum vessels since 2008. It currently operates seven fast multi-purpose aluminum vessels (FMPV). In 2025, FOS won an international tender to supply five next-generation 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 extension options. Additionally, the same client awarded FOS a shipbuilding contract to construct and sell five more CTVs by 2028. The 55-meter CTVs are designed for high operability, featuring motion-compensated gangways, DP systems, triple bow thrusters, and power from four CAT engines delivering 9,000 BHP coupled with four Hamilton HT810 waterjets.
WINS financed the acquisition through internal cash flow and a US$20 million loan. The company obtained a fairness opinion from independent appraiser KJPP Tri, Santi dan Rekan, confirming the transaction complies with Indonesian regulations for affiliated party transactions. The price-to-book ratios for FOS and FOI are 1.01% and 0.96%, respectively, and the deal is expected to be earnings accretive.
With this acquisition, WINS’ high-tier fleet will increase from 12 to 22 units, including the five newbuild CTVs, and its DP fleet will rise to 25 units. The average fleet age will decrease from 16 to 14 years, improving operational efficiency and earnings visibility. The company also gains a new revenue stream from shipbuilding. Following the acquisition, FOI will be converted into a fully domestic Indonesian company, compliant with cabotage regulations, to meet anticipated growth in Indonesian demand for aluminum vessels.
FOS has a significant presence in Brunei, having supplied offshore vessels there for a decade. The acquisition allows WINS to fully capture the financial upside of the charter and shipbuilding contracts without minority leakage. Wintermar Offshore Marine Group, listed as WINS.JK, operates a fleet of over 44 offshore support vessels and is certified with ISO 9001:2015, ISO 14001:2015, and OHSAS 18001:2007. More information is available at www.wintermar.com.
