Giving its rationale for the sale of 340m new shares, Wintermar pointed to the booming local OSV market which will be bolstered by increasing cabotage requirements in the industry. The share sale programme, to take place over two years will enable Wintermar to strengthen its cash position and gear up to acquire new vessels as it bids for new contracts, the company said in a stock exchange statement.
It noted that it has added 12 new vessels worth $90m last year and now has a fleet of 71 vessels. Wintermar has also said it has budgeted $60m to buy five new ships as part of its fleet expansion plans this year.
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