PT Wintermar Offshore Marine Tbk (WINS) has acquired the remaining 52.5% shareholding of Fast Offshore Supply Pte Ltd (FOS) in Singapore and 49% of PT Fast Offshore Indonesia (FOI), taking full control of both entities. The acquisition, valued at US$26 million for FOS and US$7 million for FOI, is expected to be earnings accretive and will allow WINS to fully consolidate earnings from a five-year charter and a shipbuilding contract.
FOS has a significant presence in Brunei, having supplied offshore vessels there for 10 years. In 2025, FOS won an international tender to supply five units of next-generation aluminum Crew Transfer Vessels (CTV) to a major oil company in Brunei, with delivery in 2027. These 55-meter CTVs are designed with motion-compensated gangways, DP systems, and triple bow thrusters, powered by four CAT engines delivering 9,000 BHP and four Hamilton HT810 waterjets. They will be chartered for an initial five-year period with options to extend. Additionally, FOS was awarded a shipbuilding contract to build and sell another five CTVs by 2028.
With this acquisition, Wintermar's high-tier fleet will increase from 12 to 22 units, including the five newbuild CTVs, while the DP fleet owned will increase to 25 units. The average fleet age will decrease from 16 to 14 years, providing earnings visibility and introducing a new revenue stream from shipbuilding. WINS will finance the acquisition through internal cash flow and a US$20 million loan. Following the acquisition, FOI will be converted to a fully domestic Indonesian company compliant with cabotage regulations, focusing on supplying Indonesian-flagged aluminum vessels in anticipation of stronger local demand.
The transaction has obtained a fairness opinion from an independent appraiser, KJPP Tri, Santi dan Rekan, dated 17 June 2026, in compliance with OJK regulation POJK 42/2020 regarding affiliated party transactions. The acquisition prices represent a price-to-book ratio of 1.01% for FOS and 0.96% for FOI. WINS will fully capture the financial upside of the charter and shipbuilding contracts without minority leakage, strengthening its position as a leading OSV owner and operator of DP vessels in Asia. For more information, visit www.wintermar.com.
