Wintermar Offshore Marine Group (WINS.JK) announced its financial results for the year ended December 31, 2025, with operating profit surging 31% year-over-year to US$23.3 million. The improvement reflects margin expansion through a better fleet mix, despite softer charter rates and lower offshore activity. Core profit attributable to shareholders rose 19.2% to US$18 million, stripping out gains from vessel sales.
Owned vessel revenue increased 13.8% to US$70.7 million, with gross margins widening to 41.7% from 36.1% in FY2024. The company operated a larger number of dynamic positioning (DP) equipped vessels, which compensated for lower utilization due to geopolitical concerns and shorter-term drilling projects. Gross profit from the chartering division declined to US$0.5 million, while the other services division grew 9.3% to US$2.8 million, reflecting a strategic shift toward a management fee-based ship management model.
Indirect expenses rose 10% to US$9.4 million, driven by salary increases for key technical and operations positions as the company prepared for fleet expansion. Marketing expenses grew 17.2% due to bid bond costs and commissions. Interest expenses increased 83.5% to US$2.1 million as the company took on more debt to refinance vessels, but the company remains in a strong net cash position. EBITDA rose 21.8% to US$38.4 million.
The company highlighted an optimistic industry outlook, citing heightened geopolitical risks and the acceleration of artificial intelligence adoption, which has driven electricity demand growth. The International Energy Agency (IEA) revised its 2026 electricity demand growth forecast to 3.7%, above the historical average. This has led to increased investment in oil and gas exploration, particularly deepwater drilling, supporting demand for DP-equipped offshore support vessels (OSVs).
In early 2026, attacks on Iran and ensuing retaliation disrupted Middle East oil and gas supplies, causing oil prices to spike. Should the conflict escalate, further investment in exploration is expected. Indonesia alone has four deepwater drilling projects slated for production between 2027 and 2030, with longer-term contracts anticipated in the coming year.
Management plans to expand the DP fleet, with FY2026 capital expenditure budgeted at more than double the US$41.7 million spent in FY2025, funded by internal cash flow and bank loans. Total contracts on hand at end-December 2025 amounted to US$59.1 million. The company purchased an additional platform supply vessel in late 2025, expected to be operational by the second half of 2026.
For more information, visit www.wintermar.com.
