Wintermar Offshore Marine Group reported a 31% year-on-year increase in operating profit to US$23.3 million for the fiscal year ended December 31, 2025, according to its latest financial results. The improvement was driven by margin expansion through a better fleet mix, with owned vessel revenue rising 13.8% to US$70.7 million and gross margins widening to 41.7% from 36.1% in the prior year.
The owned vessel division benefited from a larger number of Dynamic Positioning (DP) equipped vessels in operation, which compensated for softer charter rates and lower offshore activity in 2025. Utilization rates were affected by geopolitical concerns and the early stage of most drilling projects, which tend to be shorter-term in nature. The company ended the year with seven platform supply vessels (PSVs) in operation, up from five at the end of 2024, and purchased an additional PSV in late 2025 that is expected to become operational in the second half of 2026.
Gross profit from the chartering division declined to US$0.5 million from US$1.4 million, partly due to a strategic shift toward a management fee-based ship management business model. This transition boosted the other services division, which saw a 9.3% increase in contribution to US$2.8 million. Total gross profit rose 24.1% to US$32.7 million.
Indirect expenses increased 10% to US$9.4 million, driven by higher salary costs as the company built out key technical and operations positions to prepare for fleet scaling. Employee strength grew to 252 from 244, and salary expenses rose 11.9% to US$6.5 million. Marketing expenses increased 17.2% due to fees, commissions, and bid bond expenses for tenders. Interest expenses rose 83.5% to US$2.1 million as the company took on more debt to refinance vessels, but the company remains in a strong financial position with net cash.
Core net profit attributable to shareholders, which excludes gains on vessel sales, increased 19.2% to US$18.0 million, compared to US$15.1 million in FY2024. EBITDA rose 21.8% to US$38.4 million, reflecting improved operations and cash generation. Earnings per share were Rp75.80, down from Rp78.35 in the prior year due to the lower gains from vessel sales.
Looking ahead, the company highlighted a positive industry outlook driven by heightened geopolitical risks, which have prioritized energy security over long-term climate goals. The International Energy Agency (IEA) revised up electricity demand growth to 3.7% in 2026, well above the average of 2.6% per annum between 2015 and 2023. Increased investment in oil and gas exploration, particularly deepwater drilling, is expected to boost demand for OSVs, especially DP-equipped vessels. The company noted that Indonesia alone has four deepwater drilling projects identified as strategic, slated to start production between 2027 and 2030, with longer-term contracts expected to be awarded in the coming year.
Management plans to expand the DP fleet using stronger cash flow expected in 2026. Total capital expenditure in 2025 was US$41.7 million, and the company has budgeted more than double that amount for FY2026, to be funded by internal cash flow and bank loans. Total contracts on hand at the end of December 2025 amounted to US$59.1 million.
For more information, visit www.wintermar.com.
