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Wintermar to diversify from Indon to other SE Asian markets

Wintermar to diversify from Indon to other SE Asian markets
Indonesian offshore services vessel (OSV) firm Wintermar Offshore Marine is looking to expand to other Southeast Asian countries to offset the industry slowdown in Indonesia, local media quoted president director Sugiman Layanto as saying.

He revealed that Wintermar was exploring opportunities in Myanmar, Vietnam and Brunei Darussalam to increase the utilisation rate of its vessels. “We especially see a big opportunity in Myanmar, as increasing oil and gas activities might provide an opportunity for expansion there,” Sugiman said.

Among non-Indonesian contracts, Sugiman said that Wintermar currently had two vessels on mid-term contracts in India and one vessel for a long-term contract in Brunei Darussalam, the latter of which started last year. The company also has two vessels to cater to Myanmar’s spot market and another vessel for the Vietnam market.

Wintermar had no specific target for its overseas expansion, president commissioner Johnson William Sutjipto said. “We simply follow every tender that is suitable for our business and vessel profile,” he said.

Wintermar investor relations head Pek Swan Layanto said that it decided to cut capital expenditure to $30m from $50m in light of the slower business conditions.