Wintermar Offshore Marine Group (WINS:JK) has announced a robust financial performance for the first half of 2026, with attributable net profit rising 24.4% year-over-year to US$8.4 million. The results reflect improved fleet utilization, which reached 62% compared to 56% in the same period last year, and the deployment of additional high-tier vessels. The company's owned vessel division saw revenue surge 41.4% to US$45 million, with margins widening to 51.7% from 39.1%, driven by more platform supply vessels (PSVs) in operation.
The positive results come amid a favorable industry outlook. Despite ongoing geopolitical tensions, including the Iran conflict disrupting maritime traffic through the Strait of Hormuz, oil prices remain firm, and global investment in upstream oil and gas continues to rise. The rapid adoption of AI has increased expectations for energy demand, with more data centers being built, further boosting the need for offshore exploration. In Indonesia, strategic projects like the US$21 billion Masela project, which broke ground in July 2026, are slated for accelerated exploration, underscoring the region's growth potential.
The offshore service vessel (OSV) market is experiencing stronger demand, particularly for dynamic positioning-enabled PSVs, while supply remains constrained due to a near-decade absence of newbuilding orders. With 47% of the global fleet now over 15 years old, a tight supply is expected in the coming years, pointing to higher charter rates. Wintermar is strategically positioning itself to capitalize on this momentum through a three-pronged expansion plan: purchasing second-hand vessels, building new ones, and acquiring Fast Offshore Supply Pte Ltd (FOS) to gain control of a fleet of new crew transfer vessels (CTVs) with long-term contracts.
In July 2026, Wintermar took delivery of a second-hand diesel-electric (DE) anchor handling tug supply (AHTS) vessel and a DE multi-role support vessel (MSV), both undergoing repair and modification and expected to be operational by the fourth quarter of 2026. The company also placed an order for a new MSV to be delivered in the second half of 2027. Through the FOS acquisition, Wintermar will add seven existing fast crew boats (FMPVs), two of which have long-term contracts, and five new CTVs to be delivered between the first and second quarters of 2027, all contracted for five years with options. These investments will be funded through internal cash, bank loans, and vessel sales.
While the expansion plan is expected to increase net gearing and add expenses in the second half of 2026, potentially reducing near-term net margins, management is confident these investments will be earnings accretive in 2027, with a jump in revenue and profit as new vessels start operations. The company also anticipates reactivating a second-hand PSV purchased last year in the fourth quarter of 2026, and a new built PSV will be delivered in the second quarter of 2027.
Wintermar's total gross profit surged 76.9% to US$24.9 million in 1H2026, with the owned vessel division contributing US$23.3 million. Operating profit more than doubled to US$20.1 million, and EBITDA rose 76.8% to US$28.2 million. The chartering division saw revenue decline by 40.5% to US$1.6 million as management focuses on owned vessels, while other services revenue grew 40.8% to US$3.4 million. Direct expenses for owned vessels increased 12% due to higher depreciation and crewing costs, but fuel costs dropped 40% as charterers covered fuel expenses during operations.
The company's strategic moves align with the industry's positive trajectory. As global offshore E&P capex continues to rise, Wintermar's expanded fleet and focus on high-specification vessels are poised to meet the growing demand. With a strong balance sheet and a clear growth strategy, Wintermar is well-positioned to navigate the dynamic offshore market and deliver value to shareholders in the coming years.
