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JAKARTA, INDONESIA, Apr 14, 2014 - (ACN Newswire) - PT Wintermar Offshore Marine Tbk (WINS) is pleased to announce that IFC, a member of the World Bank Group focused on private sector development, has exercised their convertible loan and will become a shareholder of 4.92% of the issued capital of PT Wintermar Offshore Marine Tbk with effect from 14th April 2014.
IFC has been the largest lender to Wintermar, having extended a USD45 million straight loan in 2011 followed by a USD10million convertible loan with exercise price of Rp500 per share in 2012. With IFC's support, Wintermar has successfully delivered on our growth strategy to expand into higher value Offshore Support Vessels through the acquisition of larger and more technologically sophisticated vessels to serve the needs of the deepwater offshore oil and gas industry.
WINS FLEET COMPOSITION
Vessels 2010 2011 2012 2013
Low Value 40 38 32 28
High Value 19 29 32 43
Total 50 67 64 71
Over the past 3 years, WINS has taken delivery of 26 higher value vessels, while disposing of 16 older and lower value vessels, with higher value vessels now making up 60% of the fleet compared to only 32% in 2010.
"With IFC's support, we have improved our corporate governance and environmental standards," said Sugiman Layanto, Managing Director of PT Wintermar Offshore Marine Tbk. "IFC's ability to provide long tenures for our vessel loans has been a great advantage for us in executing our fleet expansion, especially in the recent years where there has been such growth in the demand for marine support for the deepwater drilling activities of the offshore oil and gas industry in Indonesia. We are grateful for our partnership and welcome IFC as a strategic shareholder."
Sarvesh Suri, Indonesia Country Manager of IFC added, IFC is delighted to be a shareholder in Wintermar. The company provides world class marine logistics services for the domestic oil and gas industry, which is an important driver of Indonesia's economic development."
In accordance with OJK regulations, IFC shares cannot be sold for a year.
Contact:
Ms Pek Swan Layanto
Investor Relations
investor_relations@wintermar.com
Topic: Investment
Source: PT Wintermar Offshore Marine Tbk
Sectors: Gas & Oil, Daily Finance, Logistics & Supply Chain
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From the Asia Corporate News Network
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