Oct 4, 2010

Wintermar Marine to buy 18 vessels

PT Wintermar Offshore Marine, candidate for publicly listed company, aims to buy 18 units of fast utility vessels, diving support vessels, and anchor handling tug.
The company will buy 6 vessels in the second half of this year and 12 vessels in 2011, in line with its plan to hold initial public offering (IPO).
Wintermar  Managing Director Sugiman Layanto, as reported by Bisnis today, said the company is strengthening strategy to grab off shore market by providing younger age vessels. By the end of Juni 2010, Wintermar operates 57 vessels with average age of 8 years.  
The company believes that it could reach Rp100 billion net profit this year after it disposes 25% stakes into the capital market, snapping up Rp400 billion cash.

Disclosure: No position at the stock mentioned above.

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