Wintermar Offshore Marine Group (WINS.JK) reported a 31% year-on-year increase in operating profit to US$23.3 million for the year ended 31 December 2025, driven by margin expansion from a better fleet mix. Core profit, excluding gains on vessel sales, rose 19.2% to US$18 million, reflecting underlying operational improvement.
The owned vessel division saw revenue climb 13.8% to US$70.7 million, with gross margins widening to 41.7% from 36.1% in FY2024. Despite softer charter rates and lower offshore activity due to geopolitical concerns, the company benefited from a larger number of higher-value dynamic positioning (DP) equipped vessels. Utilization declined as many drilling projects were in early, shorter-term phases, but higher DP vessel revenue compensated.
The chartering division's gross profit fell to US$0.5 million from US$1.4 million, partly due to a strategic shift toward a management fee-based ship management model. Other services division contribution rose 9.3% to US$2.8 million. Total gross profit increased 24.1% to US$32.7 million.
Direct expenses rose, with crewing costs up 10.5% to US$11.4 million and depreciation up 10.4% to US$14.8 million due to fleet additions. Operating expenses were slightly higher, while maintenance costs fell 2.9%. Fuel costs dropped 26% as idle vessels used shore power in Batam. By December 2025, the company operated 7 PSVs, up from 5 at end 2024, with an additional PSV purchased and expected operational by 2H2026.
Indirect expenses rose 10% to US$9.4 million, driven by salary increases for key technical and operations positions, marketing expenses, and office utility costs. EBITDA increased 21.8% to US$38.4 million, reflecting improved cash generation. Core net profit attributable to shareholders rose 19.2% to US$18 million, while EPS was Rp75.80 versus Rp78.35 in FY2024.
The industry outlook remains positive, with heightened geopolitical risks and AI-driven data center expansion boosting electricity demand. The International Energy Agency revised 2026 electricity demand growth to 3.7%, above the historical average. Oil and gas exploration investment rose in 2025, particularly in deepwater drilling, supporting demand for DP-equipped OSVs. Early 2026 attacks on Iran and retaliation have disrupted Middle East supplies, potentially spurring further exploration investment.
Indonesia has four deepwater drilling projects slated for production between 2027 and 2030, with longer-term contracts expected as projects ramp up in 2H2026. Management plans to expand the DP fleet using stronger cash flow, with capex budgeted at more than double 2025's US$41.7 million for FY2026, funded by internal cash and bank loans. Total contracts on hand at end December 2025 stood at US$59.1 million.
For more information, visit www.wintermar.com. View the original release on www.newmediawire.com.
