PT Wintermar Offshore Marine Tbk (WINS) announced today the acquisition of the remaining 52.5% stake in Fast Offshore Supply Pte Ltd (FOS) and 49% of PT Fast Offshore Indonesia (FOI), giving the company full control of both entities. The move expands WINS's fleet with five new aluminum Crew Transfer Vessels (CTVs) scheduled for delivery in 2027, along with a shipbuilding contract for five additional units by 2028.
FOS has a decade-long presence in Brunei, having won an international tender in 2025 to supply five next-generation CTVs to a major oil company there. These vessels will be chartered for an initial five-year term with extension options. The same client also awarded FOS a shipbuilding contract for five more CTVs. The 55-meter vessels are designed for high operability year-round, featuring motion-compensated gangways, dynamic positioning systems, and triple bow thrusters, powered by four CAT engines delivering 9,000 BHP and four Hamilton HT810 waterjets.
With this acquisition, WINS's high-tier fleet will grow from 12 to 22 units, including the five newbuilds, and its DP fleet will increase to 25 units. The company noted that the OSV industry is experiencing demand growth amid limited new vessel supply, and the average age of its fleet had risen to 16 years. The acquisition brings younger vessels with long-term contracts, reducing the average fleet age to 14 years and providing earnings visibility, while also introducing a new revenue stream from shipbuilding.
WINS acquired the 52.5% stake in FOS from Seacoral Maritime Pte Ltd, an affiliated company, at a valuation of US$26 million, and the 49% stake in FOI at US$7 million. The transaction prices are supported by an independent valuation and a fairness opinion from KJPP Tri, Santi dan Rekan, dated June 17, 2026, in compliance with OJK regulation POJK 42/2020. The price-to-book ratios are 1.01% for FOS and 0.96% for FOI. WINS will finance the acquisition through internal cash flow and a US$20 million loan.
Following the acquisition, FOI will become a fully domestic Indonesian company compliant with cabotage regulations, focusing on supplying Indonesian-flagged aluminum vessels in anticipation of stronger domestic demand. By consolidating FOS and FOI as wholly owned subsidiaries, WINS can fully capture the financial upside of the charter and shipbuilding contracts without minority leakage. The transaction is expected to be earnings accretive.
For more information, visit www.wintermar.com.
