JAKARTA, May 16, 2017 - (ACN Newswire) - The Directors of PT Wintermar Offshore Marine (WINS) are pleased to announce that a number of companies within the WINS group have completed loan rescheduling agreements with key lenders. Loan periods and Principal repayments have been amended to more closely align these debt service obligations with cash generated.
The Group considered this process necessary in view of the lower outlook on vessel utilization and charter rates following the sustained impact of lower oil prices globally and the reduction in spending by its major clients in the oil and gas extraction industry.
Amendments to outstanding bank debt of US$71.4 million have been agreed with the Group's major lenders, representing 93% of long term bank debt outstanding at 31 December 2016. A total of US$31.7 million of loan Principal due in 2017 and 2018 has been rescheduled to become due in 2018 to 2022. The agreements are subject to completion of certain matters by no later than 15 June 2017.
About Wintermar Offshore Marine Group
Wintermar Offshore Marine Group (WINS.JK), developed over 40 years with a track record of quality is both a source of pride and a responsibility that we are dedicated to upholding, sails a fleet of more than 70 Offshore Support Vessels ready for long term as well as spot charters, all operated by experienced Indonesian crew and tracked by satellite systems and monitored in real time by shore based Vessel Teams.
In 2011, Wintermar became the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd's Register Quality Assurance, comprising ISO 9001:2008 (Quality), ISO14001:2004 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.
Ms. Pek Swan Layanto
PT Wintermar Offshore Marine Tbk
Tel +62 21 530 5201 Ext 401
May 16, 2017 17:30 HKT/SGT
Source: Wintermar Offshore Marine Group
Topic: Loans & Financing
From the Asia Corporate News Network
Copyright © 2017 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.