Wintermar Offshore Marine Group reported substantial financial improvements for the fiscal year ending December 31, 2025, with operating profit surging 31% year-over-year to US$23.3 million. Core profit attributable to shareholders increased 19.2% to US$18 million, reflecting the company's successful navigation of a challenging offshore market through strategic fleet management and operational efficiency.
The owned vessel division demonstrated resilience with revenue rising 13.8% to US$70.7 million despite softer charter rates and lower offshore activity throughout 2025. Gross margins for owned vessels expanded significantly to 41.7% compared to 36.1% in 2024, primarily due to the company operating a larger number of higher-value Dynamic Positioning (DP) equipped vessels. This strategic shift toward more sophisticated vessels compensated for lower utilization rates, which were impacted by geopolitical concerns and the early stage of drilling projects that were shorter-term in nature.
Total gross profit increased 24.1% year-over-year to US$32.7 million, while EBITDA grew 21.8% to US$38.4 million, indicating improved operational efficiency and cash generation capabilities. The company's performance contributed to earnings per share of Rp75.80 for FY2025. Wintermar's financial results and strategic positioning can be explored further through their corporate website at https://www.wintermar.com.
Operating expenses reflected the company's growth trajectory, with total indirect expenses rising 10% to US$9.4 million. The largest increase came from salary costs, which grew 11.9% to US$6.5 million as employee strength increased to 252 from 244, supporting the building out of key technical and operations positions to prepare for fleet expansion. Marketing expenses also rose 17.2% due to increased participation in tenders and associated bid bond expenses.
The company's fleet composition continued to improve throughout 2025, with seven Platform Supply Vessels (PSVs) operational by December compared to five at the end of 2024. Wintermar purchased an additional PSV in late 2025, which is being delivered to Indonesia and expected to become operational by the second half of 2026. Total contracts on hand at the end of December 2025 amounted to US$59.1 million, providing revenue visibility for the coming period.
Industry outlook appears favorable for offshore support vessel operators, particularly those with DP-equipped fleets. The International Energy Agency revised electricity demand growth upward to 3.7% in 2026, well above the average growth of 2.6% annually between 2015 and 2023. This increased power demand, combined with geopolitical developments prioritizing energy security, has led to upward revisions in oil and gas exploration investment, particularly in deepwater drilling. The original press release containing these industry insights can be viewed at https://www.newmediawire.com.
Wintermar's business prospects are strengthened by Indonesia's strategic deepwater drilling projects, with four government-identified projects scheduled to start production between 2027 and 2030. Longer-term contracts for these projects are expected to be awarded as activities ramp up toward the second half of 2026. With stronger cash flow anticipated in 2026, management plans to expand the dynamic positioning fleet through direct vessel purchases or corporate acquisitions. The company budgeted more than double its 2025 capital expenditure of US$41.7 million for FY2026, funded by internal cash flow and bank loans.
The company's financial position remains strong despite increased debt for vessel refinancing, with interest expenses rising 83.5% to US$2.1 million while interest income doubled to US$1.0 million. Wintermar maintained a net cash position throughout the period. The strategic shift toward a management fee-based ship management business model contributed to changes in divisional performance, with the chartering division's contribution declining to US$0.5 million while other services division contribution increased 9.3% to US$2.8 million.
