Jakarta. Wintermar Offshore Marine, an Indonesian offshore marine services company, has established a new subsidiary in Brunei Darussalam, which started operating this year in a bid to improve the company's performance amidst depressed oil prices.
This newly established company has secured a five-year contract with oil and gas company Brunei Shell. Wintermar is allocating $5.5 million for the unit's operations this year.
The company has been aggressive in the expansion of its overseas operations, pinning its hopes on securing 80 percent of a $168 million contract target for this year from abroad.
Other than Brunei Darussalam, Wintermar currently operates two vessels involved in mid-term contracts in India; another two in Myanmar's spot market; and one in Vietnam.
The company's existing 74 high-tier vessels have been operating in Australia, Brunei Darussalam, Russia and Myanmar, Wintermar managing director Sugiman Layanto said on Monday (09/05).
The company saw its fleet utilization decrease to 61 percent in the January-March period from 70 percent in the same period last year due to low activity in the oil and gas industry, Wintermar spokeswoman Pek Swan Layanto said.
In line with that, Wintermar's revenue was down 39 percent to $29.25 million and the company suffered a $1.4 million net loss in the first three months.
Wintermar is currently looking at opportunities in the Southeast Asia region to improve its vessel utilization rate, she said.