PT Wintermar Offshore Marine Tbk (WINS) has acquired the remaining 52.5% stake in Fast Offshore Supply Pte Ltd (FOS) and 49% of PT Fast Offshore Indonesia (FOI), gaining full control of both entities. The acquisition, valued at US$26 million for FOS and US$7 million for FOI, was financed through internal cash flow and a US$20 million loan. The transaction is earnings accretive, allowing WINS to fully consolidate revenues from a five-year charter and a shipbuilding contract.
FOS, a specialized shipbuilder based in Singapore, has designed and built aluminum vessels since 2008. In 2025, FOS won an international tender to supply five next-generation aluminum Crew Transfer Vessels (CTV) to a major oil company in Brunei, with delivery in 2027. These vessels will be chartered for an initial five-year period with extension options. Additionally, FOS secured a shipbuilding contract for five more CTVs to be delivered by 2028. The 55-meter CTVs are equipped with motion-compensated gangways, dynamic positioning (DP) systems, triple bow thrusters, and four CAT engines delivering 9,000 BHP, ensuring high operability and safe personnel transfer.
WINS's high-tier fleet will increase from 12 to 22 units, including the five newbuild CTVs, and its DP fleet will grow to 25 units. The average fleet age will decrease from 16 to 14 years, improving efficiency and competitiveness. The acquisition also introduces a new earnings stream from shipbuilding, alongside the long-term charters that provide earnings visibility.
The transaction was conducted with Seacoral Maritime Pte Ltd, an affiliated company of WINS, and received a fairness opinion from independent appraiser KJPP Tri, Santi dan Rekan, in compliance with OJK regulation POJK 42/2020. The price-to-book ratios were 1.01% for FOS and 0.96% for FOI. Following the acquisition, FOI will become a fully domestic Indonesian company compliant with cabotage regulations, focusing on supplying Indonesian-flagged aluminum vessels to meet anticipated demand.
FOS has a significant presence in Brunei, having supplied offshore vessels there for ten years. The company currently owns seven Fast Multi-purpose Aluminum Vessels (FMPV), built in its Singapore shipyard. With the acquisition, WINS strengthens its position as a leading OSV owner and operator of DP vessels in Asia.
For more information, visit www.wintermar.com.
