Wintermar Offshore Marine Tbk (WINS:JK) reported a 67.6% year-on-year jump in operating profit to US$24.7 million for the first nine months of 2026, supported by 30.0% revenue growth and margin improvement from additional high-tier vessels and better charter rates, according to the company's quarterly results announcement.
Revenue rose on the back of a 30.9% increase in owned vessel revenue to US$65.8 million, as two additional dynamic positioning vessels became operational compared with the same period in 2025. Gross margin for the owned vessel division widened to 45.3% from 40.0% a year earlier, reflecting the higher proportion of high-tier vessels in operation. Fleet utilization remained stable at 60% for the nine-month period, although third-quarter utilization fell to 54% from 62% in the second quarter as three high-tier vessels completed long-term contracts. The company attributed the decline to delays in tenders for long-term contracts, which pushed more vessels onto spot contracts and caused short-term fluctuations.
The consolidation of Fast Offshore Supply Pte. Ltd. (FOS) for the first time in the third quarter offset some of the revenue reduction from the core business. Wintermar completed the acquisition of FOS in June 2026, adding five-year newbuild crew transfer vessel (CTV) charter contracts starting in 2027 and shipbuilding deliveries in 2028. Total contracts on hand at the end of September 2026, including FOS, amounted to US$200 million, of which around 75% are international contracts.
Direct expenses for owned vessels rose 19.2% to US$36.0 million, largely due to the FOS consolidation, while depreciation increased 23.7% to US$13.0 million. Crewing costs rose 25.2% to US$10.2 million and fuel bunker costs jumped 46.8% to US$2.6 million from higher fuel prices and preparation for mobilization to long-term contracts in the fourth quarter. Total gross profit jumped 46.7% to US$32.1 million, with the owned vessel division contributing US$29.8 million.
Operating margin widened to 32.5% from 25.2% in the same period last year. Net attributable profit rose 91.9% to US$17.7 million, including a one-off gain from the recovery of impaired receivables at FOS, while earnings per share increased to Rp70.5 from Rp34.5. EBITDA rose 49.0% to US$37.9 million. Net gearing stood at 29% at the end of the period, after consolidating bank debt and cash from FOS.
The results matter for investors and the wider offshore services industry because they signal tightening vessel supply and rising charter rates. Westwood Research forecasts offshore field development capital expenditure to jump 30% year-on-year in 2026, with Brent crude averaging over US$114 per barrel in September, while global OSV utilization is expected to rise above 79% in 2027. More than half of the operational fleet is now over 15 years old, and limited newbuilding since 2015 points to continued tight supply, particularly for dynamic positioning-enabled platform supply vessels.
In Indonesia, the government's five Strategic National Projects worth US$48.1 billion have reached key milestones and will move into construction and installation from 2027, driving demand for high-tier offshore support vessels. Wintermar said it has been positioning its fleet to benefit, with one platform supply vessel and two multi role support vessels expected for delivery in the second half of 2027. The full results are available on www.newmediawire.com.
