Jan 14, 2011

Wintermar & Lanpan set up 2 units

PT Wintermar Offshore Marine Tbk (WINS) has set up two subsidiaries to facilitate its expansion in the offshore sector.
In a public announcement filed to Indonesia Stock Exchange (IDX) today, PT WIN Offshore is a 99.5% subsidiary of Wintermar. Following the agreement to set a joint venture with Lanpan Pte Ltd as published recently, Wintermar sets up PT WINPAN Offshore, which is 51% owned by Wintermar and 49% owned by Singapore-based company Lanpan Pte Ltd.
WINPAN will own and operate the first Indonesian flagged 330 geet heavy load ballastable tank barge, which will be engaged in the transportation of offshore
structures such as platforms, jackets, top sides, and pipelines for the construction of the offshore platforms.
By setting two new companies, Wintermar management is optimist to increase its activities as the offshore support vessel.  

Disclosure: No position at the stock mentioned above.

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