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Virtual Public Expose PT Wintermar Offshore Marine Tbk 10.00 – 11.30 WIB Jakarta, 21 June 2024
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Public Expose Rules
1. Participants are required to write Participant’s Name and their Institution
(example: Budi – Koran Kontan, Sari – Mandiri Sekuritas).
2. For this Public Expose, the raise hand, chat, video and audio functions of all
participants are disabled.
3. Questions and Suggestions may be submitted through the Q&A function, stating
your name and institution. Anonymous questions will not be answered.
4. Moderator will select questions and the answers will be given live.
5. Questions or suggestions can be submitted to email at
investor_relations@wintermar.com
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Annual Report and Sustainability Report
Wintermar 2023
Annual Report Sustainability Report
Both reports can be accessed on the Company's website www.wintermar.com, in the Investor Relations section for the
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Annual Report and the Sustainability section for the Sustainability Report.
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Table of Contents
1 Results of the Annual General Meeting of Shareholders
2 Corporate Profile
3 Business Highlights 1Q2024
4 Industry Summary and Prospects
5 Review of Financial Performance
6 Business Review and Strategy
7 Question and Answer
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Company Profile
• Indonesian Company working to International Standards
• Quality services, certified to standard of ISO 9001:2015, ISO 14001:2015 and ISO
45001:2018
• Operating in 13 countries across Asia, the Middle East and Africa
• Professional and Experienced Management team
• Key customers include multinational oil and gas Companies.
• Fleet of 42 Offshore Vessels, Including 6 PSV high tier*
• Wide range of services – Rig move, Crew change, Emergency rescue, Offshore supply,
diving support, seismic support, accommodation and recently in supporting the wind farm
renewables industry
* As at 31 May 2024
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Business Segments
Own Vessel Composition - May 2024
1. Owned Vessel Division
• The Owner and operators of a diverse fleet of Offshore 10
Vessels, Currently the Company owns 42 vessels. High Tier
2. Chartering Division
• Using third party vessels to support clients, the Company
operates 15 charter vessels. 30
Mid Tier
3. Vessel Management and Other Services
• Managing third party vessels including crew manning,
technical management, maintenance, operations and
agency.
• Holding commercial rights to market vessels under ship 2
management division. Low Tier
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Focus on Safety and Quality
Awards
Wintermar Integrated Safety
Program Zero Incidents Zero Incident
Certification –
a) Leadership Visit PTTEP
b) Life Saving Rules Certificate of
Appreciation-
c) Reflective Video Brunei Shell
Petroleum (BSP)
d) Safety Pyramid
e) Learning Engagement tool
Foundation
Best Inter-
a) Resilience Platform Boat
b) Mental Wellbeing
c) Human Performance
No injury Zero Incidents 7
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Business Highlights 1Q2024
Increase in charter Strong free cash
Strong development flow for fleet Future
is driving margin Strategy
of the OSV market investment
expansion
• O&G sector in APAC • Charter rates increased by • Stronger free cash flow • Fleet recomposition
experienced strong 54.3% YOY in 1Q2024 as debt decreases to focus on the high-
activity in Q1 2024, compared to 1Q2023, value segment
especially in Malaysia, especially in the high-tier
Indonesia, Thailand and segment.
Vietnam.
• Gross profit margin • Net gearing at the end • Development of in-
• Increased demand for increased to 27.1% in house digital
of March 2024 below
the high-value segment, 1Q2024 compared to applications to
1%
but OSV supply is still 20.7% during FY2023. improve efficiency
limited.
• Actively seeking fleet • International market
expansion opportunities expansion to
capitalize on higher
rates
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INDUSTRY SUMMARY AND PROSPECTS
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Oil demand is projected to continue rising
Source: IEA, June 2024 Source: IEA, June 2024
• Demand for oil continues to rise, with the IEA projecting global demand to exceed 103 million barrels per day
(mb/d) in 2024, driven by growth in Asia and non-OECD countries.
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Global Offshore Upstream Oil and Gas Capex Forecast
Deepwater
Ultra-Deepwater
Shallow Waters
Source: Fearnley Offshore Supply
• Total upstream offshore investment is expected to rebound, with strong growth through 2025 and beyond
• Offshore investment in deep and ultra-deep waters is increasing the most rapidly
• Deep and ultra-deep operations require dynamic positioning (DP) technology, which is available on higher-
value OSVs. 11
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Offshore is entering a new Supercycle
Source : Rystad, Clarksons
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Indonesia's Oil and Gas Production Forecast
● Indonesia plans to
increase oil lifting to
1 million barrels per
day (mbpd) by 2030,
expected to be
delayed until 2033.
● Commitment to
boost oil and gas
production and
reduce reliance on
imports.
● Significant
investment in
exploration and
production is
expected, especially
Source : SKK Migas, 2020
in new areas and
deep waters. 13
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Indonesia's oil and gas potential lies Offshore
Blok Andaman
Blok Jangkrik
Blok Tangguh
Source : ESDM, May 2024
• The abundance of unexplored basins rich in hydrocarbons is expected to trigger an increased demand for OSVs to
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support exploration and development activities for new reserves.
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Indonesian Upstream Offshore Oil and Gas Projects
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Despite increasing utilization of PSVs and AHTS,
new vessel orders remain low
Source: Clarksons
• During the last peak utilization in 2014 orderbook for new vessels was very high, but in the current environment
of high utilization, there are hardly any new vessels being built.
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High OSV demand in a limited market will
drive up charter rates
WINS
PSV Size WINS
AHTS
Size
Source : Clarksons Source: Clarksons
• AHTS charter rates are still 40-50% below their 2013 peak, while PSV rates have recovered more quickly.
• In Asia, high-tier vessel contracts are still mostly short-term (less than 1 year) due to their involvement in early-
cycle activities such as seismic and exploration.
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REVIEW OF FINANCIAL PERFORMANCE
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Increase in gross profit margin due to higher spot
charter rates
● Vessel utilization was lower in Q1 2024 compared to Q4 2023 due to some vessels exiting spot charters. However, profit remained stable as gross
margin increased from 26.1% to 28.0%.
● 68% of the fleet was employed in spot charters, generating higher charter rates and margins that offset lower utilization. 19
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Strong free cash flow post-debt repayment period
Loan Repaid (US$ mn)
2017 14.06
2018 13.80
2019 12.79
2020 9.38
2021 25.17
2022 12.77
2023 6.27
YTD
In December 2022, Wintermar 1.50
Group fully repaid the US$45
Mar 2024
million loan from IFC that was TOTAL 95.74
taken out in 2011.
• Generated US$96 million
in operating cash flow
since 2017 for debt
repayment.
• Strong free cash flow is
expected starting in 2024
as the amount of debt is
already very low.
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BUSINESS REVIEW AND STRATEGY
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Refocus the fleet to higher value vessels to
improve yield
Current FY2020 FY2021 FY2022 FY2023 YTD May 2024
Fleet Additions Reductions Period End
Low Tier 2 2 1 2 - - 2
Mid Tier 30 25 29 31 1 2 30
High Tier 11 11 11 11 - 1 10
Total 43 38 41 44 1 2 42
• By the end of May 2024, the company had added two HLBs and one AWB. The
company sold one AHT, one FUV, and one PSV.
• Capex for 2024 has been increased to US$35 million. As of May 2024, US$13.9
million of Capex has been utilized. The purchase of additional vessels is being
financed through the sale of low-yielding vessels, internal cash, and bank loans.
• Two PSVs are currently undergoing reactivation and are expected to commence
operations by the end of 2H2024.
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Wintermar at the Start of a New Upcycle
Industry Outlook:
○ A new offshore capex cycle is expected to drive up OSV demand in the coming years, particularly in the higher-value
segment.
○ Offshore investment growth will support demand for high-value Dynamic Positioning vessels in the coming years, while
supply remains tight.
○ OSV rates are expected to continue rising due to limited supply.
Financials:
○ For the year to end May 2024, the Company has acquired three additional vessels worth US$13.9 million.
○ Additional funds from the sale of one PSV in April provides cashflow for increased capex.
○ The Company will acquire additional vessels using funds from the sale of ships and bank loans.
Future Strategies:
○ Invest in fleet rejuvenation to improve yield.
○ Two PSVs have been freed from long-term contracts and are now offered at market rates.
○ Capex for 2024 has been increased to US$35 million, financed by proceeds from the sale of ships and bank loans.
○ Efficiency through technological development.
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Clients
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THANK YOU
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Disclaimer
Certain statements made in this presentation involve a number of risks and uncertainties that could cause actual results to
differ materially from those projected. Certain statements relating to business and operations of PT Wintermar Offshore
Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates and projections. These
statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to
predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore,
actual outcomes and results may differ materially from what is expressed or forecasted in such statements. The Company
makes no commitment, and disclaims any duty, to update or revise any of these statements. This presentation is for
informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The information
contained in this presentation is not intended to qualify, supplement or amend information disclosed under corporate and
securities legislation of any jurisdiction applicable to the Company and should not be relied upon for the purpose of making
investment decisions concerning any securities of the Company.
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