PT Wintermar Offshore Marine Tbk (WINS) has announced the acquisition of full control of Fast Offshore Supply Pte Ltd (FOS) and its subsidiary PT Fast Offshore Indonesia (FOI), a move that adds five newbuild dynamic positioning (DP) crew transfer vessels (CTVs) to its fleet and opens a new revenue stream from shipbuilding. The transaction, valued at US$33 million, positions WINS to fully consolidate earnings from long-term charters and a shipbuilding contract in Brunei.
WINS acquired the remaining 52.5% stake in FOS from Seacoral Maritime Pte Ltd for US$26 million, and the 49% of FOI it did not already own from FOS for US$7 million. The acquisition prices align with an independent valuation and have received a fairness opinion from KJPP Tri, Santi dan Rekan, in compliance with Indonesian OJK regulation POJK 42/2020. The price-to-book ratios are approximately 1.01% for FOS and 0.96% for FOI. WINS will finance the acquisition through internal cash flow and a US$20 million loan.
FOS has a significant presence in Brunei, having supplied offshore vessels there for a decade. In 2025, FOS won an international tender to supply five next-generation aluminum CTVs to a major oil company in Brunei, with delivery in 2027. These vessels will be owned by FOS and chartered for an initial five-year period with extension options. Additionally, FOS secured a shipbuilding contract to build and sell five more CTVs by 2028. The 55-meter CTVs are designed for high availability and operability year-round, featuring motion-compensated gangways, DP systems, triple bow thrusters, four CAT engines delivering 9,000 BHP, and four Hamilton HT810 waterjets. These high-tier vessels provide critical station-keeping for safe personnel and cargo transfers to offshore platforms.
FOS is a specialized shipbuilder that has designed and built aluminum vessels in its Singapore shipyard since 2008. It currently owns seven fast multi-purpose aluminum vessels (FMPVs). With the acquisition, Wintermar's high-tier fleet will increase from 12 to 22 units, including the five newbuild CTVs, while its owned DP fleet will grow to 25 units. The acquisition also lowers the average age of Wintermar's fleet from 16 to 14 years, as the new DP vessels are newly built and come with long-term contracts, providing earnings visibility.
The offshore support vessel (OSV) industry globally is experiencing demand growth amid strong oil prices, while supply of new vessels remains limited due to a lack of significant new building in recent years. This acquisition allows WINS to capture the financial upside of the charter and shipbuilding contracts without minority leakage. Following the acquisition, FOI will be converted into a fully domestic Indonesian company compliant with cabotage regulations, focusing on supplying Indonesian-flagged aluminum vessels in anticipation of stronger domestic demand.
WINS has strengthened its position as a leading OSV owner and operator of DP vessels in Asia. The expanded scope of business improves earnings visibility for the group. For more information, visit www.wintermar.com.
