Wintermar Offshore Marine Group (WINS.JK) announced its financial results for the year ended 31 December 2025, with operating profit surging 31% year-on-year to US$23.3 million. The improvement was attributed to margin expansion through a better fleet mix, as the company operated a larger number of higher-value dynamic positioning (DP) equipped vessels. Core net profit, excluding gains on vessel sales, rose 19.2% to US$18.0 million, reflecting underlying operational strength.
Owned vessel revenue increased 13.8% to US$70.7 million, with gross margins widening to 41.7% from 36.1% in FY2024. Although utilization declined due to geopolitical concerns and shorter-term drilling projects, higher revenue from DP vessels compensated. The chartering division's gross profit dropped to US$0.5 million from US$1.4 million, partly due to a strategic shift toward a management fee-based ship management model, which boosted other services division contribution by 9.3% to US$2.8 million.
Direct expenses rose, with crewing costs up 10.5% to US$11.4 million and depreciation increasing 10.4% to US$14.8 million, reflecting fleet additions. However, fuel bunker costs fell 26% as idle vessels were berthed on shore power. Total gross profit grew 24.1% to US$32.7 million. Indirect expenses increased 10% to US$9.4 million, driven by salary costs for key technical and operations positions as employee strength rose to 252.
Other income totaled US$7.4 million, including a US$3.5 million gain from the sale of two older vessels, compared to US$19 million in FY2024 which included a windfall from an older PSV sale. EBITDA rose 21.8% to US$38.4 million. Earnings per share stood at Rp75.80 versus Rp78.35 in FY2024.
The company noted an industry outlook shaped by heightened geopolitical risks and increasing energy demand from AI-driven data centers. The International Energy Agency revised electricity demand growth to 3.7% in 2026, above the historical average. Investment in oil and gas exploration, particularly deepwater drilling, has been revised upward, supporting demand for DP-equipped offshore support vessels (OSVs).
In early 2026, attacks on Iran and ensuing retaliation disrupted Middle East oil supplies, spiking oil prices. Wintermar expects that prolonged conflict could trigger further exploration investment. The company identified four deepwater drilling projects in Indonesia slated for production between 2027 and 2030, with longer-term contracts expected to ramp up in the second half of 2026.
Management plans to expand the DP fleet using stronger cash flow, with 2026 capital expenditure budgeted at more than double the US$41.7 million spent in 2025, funded by internal cash and bank loans. Total contracts on hand at end-December 2025 were US$59.1 million. For more information, visit www.wintermar.com.
