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Wintermar looking to Brunei to boost performance

Wintermar looking to Brunei to boost performance
In a bid to diversify and boost its performance amid the weak market, Indonesian offshore services provider Wintermar Offshore Marine has expanded to Brunei, establishing a new subsidiary there which has started operations this year, local reports said.

The newly established company has secured a five-year contract with Brunei Shell and Wintermar is allocating $5.5m for the unit's operations this year.

The company has been aggressive in the expansion of its overseas operations, pinning its hopes on securing 80% of a $168m contract target for this year from outside Indonesia.

Other than Brunei, Wintermar currently operates two vessels involved in mid-term contracts in India; another two in Myanmar's spot market; and one in Vietnam.

Wintermar has also allocated a separate $6m in capital expenditure this year, which will include the budget for purchase of a high-tier vessel worth $4.2m.

The company's existing 74 high-tier vessels have been operating in Australia, Brunei, Russia and Myanmar, Wintermar managing director Sugiman Layanto was quoted as saying.

The company saw its fleet utilisation drop to 61% in the January-March period from 70% in the same period last year due to low activity in the oil and gas industry, Wintermar spokesman Pek Swan Layanto said.

In line with that, Wintermar's revenues were down 39% to $29.3m and the company suffered a $1.4m net loss in the first three months of the year.

Wintermar is currently looking at opportunities in the Southeast Asia region to improve its vessel utilisation rate, she said.

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