WINS takes full control of Fast Offshore, adds 5 crew vessels

The acquisition adds shipbuilding contracts alongside long-term vessel charters.

Indonesia's PT Wintermar Offshore Marine Tbk (WINS) has taken full ownership of Fast Offshore Supply Pte Ltd (FOS), gaining control of five newbuild crew transfer vessels (CTVs) under an initial five-year charter contract.

WINS acquired the remaining 52.5% stake in FOS and the remaining 49% stake in PT Fast Offshore Indonesia (FOI), making both companies wholly owned subsidiaries.

The company will finance the purchase of the remaining stakes in FOS and FOI through internal cash flow and a $20m loan.

The transaction will give WINS full ownership of five 55-metre aluminium CTVs, which FOS will charter to a major oil company in Brunei under an initial five-year contract.

FOS has also secured a shipbuilding contract from the same client to build and sell five additional CTVs for delivery in 2028.

Following the acquisition, WINS' high-tier fleet will increase from 12 vessels to 22 vessels, including the five newbuild CTVs, whilst its fleet of owned dynamic positioning vessels will expand to 25.

WINS said the acquisition would reduce the average age of its fleet from 16 years to 14 years and allow it to fully consolidate earnings from the charter contracts and shipbuilding activities.

Following the transaction, FOI will become a fully domestic Indonesian company focused on supplying Indonesian-flagged aluminium vessels.