Wintermar Offshore (WINS:JK) reported a 67.6% year-over-year increase in operating profit to US$24.7 million for the first nine months of 2026, driven by a 30.0% rise in revenue and improved margins from additional high-tier vessels and firmer charter rates. The results, announced via NEWMEDIAWIRE, underscore the company's successful focus on expanding its owned vessel division and capitalizing on tight offshore support vessel (OSV) market conditions.
The owned vessel division saw revenue grow 30.9% to US$65.8 million, with gross margin widening to 45.3% from 40.0% a year earlier, as two additional dynamic positioning (DP) vessels entered operation. Fleet utilization remained stable at 60% for 9M2026, though third-quarter utilization dipped to 54% from 62% in the second quarter due to three high-tier vessels completing long-term contracts and some tenders being delayed. The consolidation of Fast Offshore Supply Pte. Ltd. (FOS) for the first time in 3Q2026 partially offset the revenue reduction from the core business.
Chartering revenue continued to decline, falling 20.5% to US$3.2 million, in line with management's strategy to prioritize owned vessels and boost fee-based income. Conversely, other marine services revenue rose 68.2% to US$6.9 million, with gross profit up 42.8% to US$2.0 million. Total gross profit jumped 46.7% to US$32.1 million, with the owned vessel division contributing US$29.8 million.
Direct expenses for owned vessels increased 19.2% to US$36.0 million, largely due to the FOS consolidation and higher depreciation, crew, and fuel costs. Despite these increases, operating margin widened to 32.5% from 25.2%, reflecting better cost absorption and higher charter rates. Net attributable profit nearly doubled, rising 91.9% to US$17.7 million, helped by a one-off gain from recovery of impaired receivables at FOS. Earnings per share rose to Rp70.5 from Rp34.5, and EBITDA grew 49.0% to US$37.9 million.
The industry outlook remains favorable. Disruptions in the Strait of Hormuz and Brent crude averaging over US$114 per barrel in September are driving global oil and gas investment. Westwood Research forecasts offshore field development capital expenditure to jump 30% in 2026, while OSV utilization is expected to exceed 79% in 2027, with over half the fleet older than 15 years and limited newbuilding since 2015. In Indonesia, five strategic national projects worth US$48.1 billion are progressing, which should spur demand for high-tier OSVs as they move into construction and installation from 2027.
Wintermar's strategy focuses on growing the core business through secondhand vessel purchases and newbuild orders to renew and upgrade its high-value fleet. The FOS acquisition added five-year newbuild crew transfer vessel (CTV) charter contracts starting in 2027 and shipbuilding deliveries in 2028. The company's eighth platform supply vessel (PSV) will start operations in November, and two secondhand diesel-electric vessels were purchased in July 2026, with one already operating. Newbuild deliveries include one PSV and two multi-role support vessels (MSVs) in 2H2027, while FOS is building five CTVs for delivery from 1Q2027. Total contracts on hand as of end-September 2026 amounted to US$200 million, with about 75% international. The original release is available on www.newmediawire.com.
