Apr 19, 2011

Wintermar buys Neptune Trident vessel

Publicly listed offshore marine services company PT Wintermar Offshore Marine Tbk (WINS) has acquired Neptune Trident, a multi role construction supper vessel, for consideration price of US$14.03 million, in a bid to increase  its fleets with higher technology support vessels.
In a press statement submitted to Indonesia Stock Exchange (IDX) today, Wintermar has signed a memorandum of understanding to buy the vessel with Neptune Marine Pacific Pte Ltd, a wholly owned subsidiary of the ASX listed Neptune Marine Services Limited.
"The Neptune Trident, a 5506 BHP multi role construction support vessel, is equipped with dynamic position system(DP2) and certified FiFi-1 (Firefighting) and complements our fleet of higher value added offshore support vessels," said Wintermar in the statement. 
Wintermar's management is also in discussions with the management of Neptune to collaborate on future projects together, leveraging on WINS' marine expertise in offshore support vessel operations and Neptune's experience in engineering and other specialised services for the offshore oil and gas industry. 
The vessel will be deployed to serve the strong and growing demand in the Indonesian offshore support industry for exploration and production of oil and gas. The acquisition is expected to be completed in May 2011. 
Wintermar currently has a fleet of over 60 vessels ready to handle a large variety of marine support services required in the upstream oil and gas exploration and production activities.

Disclosure: No position at the stock mentioned above.

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