WINS take delivery of SMS Steady amidst challenging times for the industry
NO. 47/NL/II/22016
NEW
WSLETTER
R #47
3 February
F
2016
WIN
NS takess deliverry of SM
MS Steaady
amidst chaallengingg times for the
t
ustry
indu
NS terim
ma SMS
S Steadyy di ten
ngah
WIN
situuasi indu
ustri yang
g sedang menantaang
S
our laatest
Winteermar group has taken delivvery of SMS Steady,
Indonesian built Annchor Handlinng Tug (AHT)) with 4400 BHP.
B
She is chartered to a multinaational oil annd gas comppany
workinng in the Natuuna area for a 5 year contraact. The vessel is
fundeed through a combinationn of internal cash and bank
b
financcing from a forreign bank.
Grouup Wintermarr telah menerrima SMS Steeady, kapal Anchor
A
Handdling Tug (AH
HT) terbaru kami,
k
buatan Indonesia, dengan
d
44000 BHP. Kapaal ini disewaakan kepada suatu perussahaan
minyyak dan gas multinasionaal yang bekerja di area Natuna
N
denggan kontrak selama 5 tahun. Kapal terseebut didanai melalui
m
kombbinasi kas inteernal dan pinjaaman dari bannk asing.
ness conditio
ons
Busin
Sincee late 2015 theere has been a pick up in activity, albeit from
f
a veryy low base. Some projectts have starteed or are starrting
this year, like H
Husky CNOO
OC, Santos,, Petronas and
Pertamina. Howevver, activity is still at a very low level
compared to the ppeak in 2013. Rates havee continued too be
underr pressure due to oversupply of vesselss and a negaative
outloook for oil. S
So far the 1stt Quarter hass started withh an
expecctation of betteer utilization but at lower rattes.
Kondisi Bisnis
Sejak akhir 2015,, telah terjadi peningkatan aktivitas, meeskipun
sanggat rendah. Beeberapa proyeek telah dimulai atau dimulaai pada
tahun ini, seperrti Husky CNOOC, Santtos, Petronas dan
Pertaamina. Namuun, aktivitas masih pada level yang sangat
rendah dibandingkkan dengan puncaknya
p
padda tahun 20133. Tarif
t
denggan membluddaknya
telahh terus meneerus dalam tekanan
suplaai kapal dan prospek negaatif dari minyaak. Sampai saaat ini,
Kwartal I telah dim
mulai dengan perkiraan utiliisasi yang lebbih baik
tetappi dengan tariff yang lebih reendah.
ook
Outlo
In thee short term, tthere is a lackk of visibility because
b
there are
many considerations: OPEC’s unwillingnness to redduce
produuction; the posssibility of moore high cost producers gooing
out of
o business; Iran’s ramp up in oil prooduction; China’s
slowddown in econoomic growth and
a how long that will last; and
in Inddonesia, goveernment reguulation and thhe willingnesss to
improove terms for thhe oil contracttors to attract investment in oil.
Outlook
Dalaam jangka pendek,
p
kuraang dapat diramalkan karena
banyyaknya pertimbangan: keenngganan OPEC
C untuk menggurangi
produksi; adanya kemungkinann pelaku prodduksi berbiayaa tinggi
keluaar dari bisnis; menanjaknya produuksi minyak Iran;
melaambatnya perrtumbuhan ekkonomi Chinaa dan berapaa lama
berlaangsungnya; dan di Indonnesia, peraturran pemerintaah dan
keingginan untuk memperbaiki persyaratan kontraktor minyak
m
untuk menarik inveestasi.
m as some off the
In Inddonesia, theree are glimmerrs of optimism
develoopment projeccts which weree put on hold since 2014 seeem
to be starting activvity again. SK
KK Migas andd Pertamina have
h
indicaated an increaase in upstream spending inn 2016 compaared
to 20115, with projecctions for some new output coming onstreeam
in 20118-2019 underrpinning activiity.
Di Inndonesia, terrdapat secerccah optimismee karena beberapa
proyek pengembaangan yang ditunda
d
sejakk 2014 kelihaatannya
sudaah mulai beraaktivitas lagi. SKK Migas dan
d Pertaminaa telah
mengindikasikan adanya
a
peninggkatan pengeluaran sektor hulu di
20166 dibandingkaan 2015, denggan proyeksi untuk menghaasilkan
minyyak dalam periode 2018-20119 yang menddorong aktivitaas.
Strateegy
We will
w continue seelective vessel sales where possible, eveen at
a boook loss, to raisse cash for reeserves. The outstanding bank
b
debt at end December 2015 was
w US$ 121 million, duee for
2
and the Group’s Geaaring
repayyment betweenn 2016 and 2021,
ratio is approximateely 63%. We have secured a working capital
Strattegi
mi akan melanjutkan menjual kapal-kappal tertentu apabila
a
Kam
dimuungkinkan, meskipun
m
rugi secara nilai buku, untuk
mem
mperoleh kas sebagai
s
cadanngan. Pinjamaan bank yang belum
dilunnasi pada akhir Desember 2015
2
sebesarr US$ 121 jutaa, yang
akann jatuh tempoo antara 2016-2021, dan rasio Gearingg grup
PT WINTERMAR
R OFFSHORE
E MARINE Tbk
k
Jl Kebayoran
K
Lam
ma No 155
Jak
karta 11560 Ind
donesia
Tel : 62 21 530
0 5201 / 2
Faxx : 62 21 530
0 5203
ww
ww.wintermar.ccom
NO. 47/NL/II/22016
financcing line for uup to US$ 10 million. Ourr Capex spend in
2015 was reduced to US$ 13 million from an initial
i
plan of US$
U
e
to spennd US$ 6 millioon in 2016.
50 million and we expect
sekittar 63%. Kam
mi telah memperoleh fasilittas pinjaman modal
kerjaa sampai dengan US$ 10 juta. Pengeluuaran modal selama
s
20155 dikurangi menjadi US$ 13 juta dari renncana awal sebesar
US$ 50 juta dan kami
k
perkirakaan akan menghabiskan US$$ 6 juta
selam
ma tahun 2016.
At thee end of December 20155 our total coontracts on hand
h
totaled USD 190 million.
Sam
mpai dengan akhir
a
December 2015, totall kontrak yangg telah
diperroleh adalah sebesar
s
USD 190juta.
For fuurther informattion, please coontact:
Untuuk informasi taambahan, silahhkan hubungi :
Ms Pek
P Swan Layyanto
Innvestor Relatioons
PT Wintermar Offshore Marine Tbk
Tel (62--21) 530 5201 Ext 401
Email: [email protected]
m
DISCLAIMER
Certain statements made in this publication involve a number of risks and uncertainties that couldd cause actual resuults to differ materrially from those prrojected. Certain sttatements
relating to business and opperations of PT Wintermar Offshore Marine
M
Tbk and Subbsidiaries (the Com
mpany) are based on
o management’s expectations,
e
estim
mates and projectionns. These
statemeents are not guaranntees of future perfoormance and involvve risks, uncertainties and assumptionns that are difficult to predict. Certain statements are bassed upon assumptiions as to
future events
e
that may nott prove to be accurrate. Therefore, acttual outcomes and results may differ materially from whhat is expressed or forecasted in suchh statements. The Company
C
makes no
n commitment, annd disclaims any duuty, to update or reevise any of these statements. This publication
p
is for infformational purposes only and is not intended as a soliccitation or
offering of securities in any jurisdiction. Thee information contained in this publication is not intennded to qualify, supplement or amennd information discclosed under corpoorate and
securitiees legislation of anny jurisdiction applicable to the Company and should not
n be relied upon for the purpose of
o making investmeent decisions conceerning any securitiies of the
Companny.
PT WINTERMAR
R OFFSHORE
E MARINE Tbk
k
Jl Kebayoran
K
Lam
ma No 155
Jak
karta 11560 Ind
donesia
Tel : 62 21 530
0 5201 / 2
Faxx : 62 21 530
0 5203
ww
ww.wintermar.ccom
NEW
WSLETTER
R #47
3 February
F
2016
WIN
NS takess deliverry of SM
MS Steaady
amidst chaallengingg times for the
t
ustry
indu
NS terim
ma SMS
S Steadyy di ten
ngah
WIN
situuasi indu
ustri yang
g sedang menantaang
S
our laatest
Winteermar group has taken delivvery of SMS Steady,
Indonesian built Annchor Handlinng Tug (AHT)) with 4400 BHP.
B
She is chartered to a multinaational oil annd gas comppany
workinng in the Natuuna area for a 5 year contraact. The vessel is
fundeed through a combinationn of internal cash and bank
b
financcing from a forreign bank.
Grouup Wintermarr telah menerrima SMS Steeady, kapal Anchor
A
Handdling Tug (AH
HT) terbaru kami,
k
buatan Indonesia, dengan
d
44000 BHP. Kapaal ini disewaakan kepada suatu perussahaan
minyyak dan gas multinasionaal yang bekerja di area Natuna
N
denggan kontrak selama 5 tahun. Kapal terseebut didanai melalui
m
kombbinasi kas inteernal dan pinjaaman dari bannk asing.
ness conditio
ons
Busin
Sincee late 2015 theere has been a pick up in activity, albeit from
f
a veryy low base. Some projectts have starteed or are starrting
this year, like H
Husky CNOO
OC, Santos,, Petronas and
Pertamina. Howevver, activity is still at a very low level
compared to the ppeak in 2013. Rates havee continued too be
underr pressure due to oversupply of vesselss and a negaative
outloook for oil. S
So far the 1stt Quarter hass started withh an
expecctation of betteer utilization but at lower rattes.
Kondisi Bisnis
Sejak akhir 2015,, telah terjadi peningkatan aktivitas, meeskipun
sanggat rendah. Beeberapa proyeek telah dimulai atau dimulaai pada
tahun ini, seperrti Husky CNOOC, Santtos, Petronas dan
Pertaamina. Namuun, aktivitas masih pada level yang sangat
rendah dibandingkkan dengan puncaknya
p
padda tahun 20133. Tarif
t
denggan membluddaknya
telahh terus meneerus dalam tekanan
suplaai kapal dan prospek negaatif dari minyaak. Sampai saaat ini,
Kwartal I telah dim
mulai dengan perkiraan utiliisasi yang lebbih baik
tetappi dengan tariff yang lebih reendah.
ook
Outlo
In thee short term, tthere is a lackk of visibility because
b
there are
many considerations: OPEC’s unwillingnness to redduce
produuction; the posssibility of moore high cost producers gooing
out of
o business; Iran’s ramp up in oil prooduction; China’s
slowddown in econoomic growth and
a how long that will last; and
in Inddonesia, goveernment reguulation and thhe willingnesss to
improove terms for thhe oil contracttors to attract investment in oil.
Outlook
Dalaam jangka pendek,
p
kuraang dapat diramalkan karena
banyyaknya pertimbangan: keenngganan OPEC
C untuk menggurangi
produksi; adanya kemungkinann pelaku prodduksi berbiayaa tinggi
keluaar dari bisnis; menanjaknya produuksi minyak Iran;
melaambatnya perrtumbuhan ekkonomi Chinaa dan berapaa lama
berlaangsungnya; dan di Indonnesia, peraturran pemerintaah dan
keingginan untuk memperbaiki persyaratan kontraktor minyak
m
untuk menarik inveestasi.
m as some off the
In Inddonesia, theree are glimmerrs of optimism
develoopment projeccts which weree put on hold since 2014 seeem
to be starting activvity again. SK
KK Migas andd Pertamina have
h
indicaated an increaase in upstream spending inn 2016 compaared
to 20115, with projecctions for some new output coming onstreeam
in 20118-2019 underrpinning activiity.
Di Inndonesia, terrdapat secerccah optimismee karena beberapa
proyek pengembaangan yang ditunda
d
sejakk 2014 kelihaatannya
sudaah mulai beraaktivitas lagi. SKK Migas dan
d Pertaminaa telah
mengindikasikan adanya
a
peninggkatan pengeluaran sektor hulu di
20166 dibandingkaan 2015, denggan proyeksi untuk menghaasilkan
minyyak dalam periode 2018-20119 yang menddorong aktivitaas.
Strateegy
We will
w continue seelective vessel sales where possible, eveen at
a boook loss, to raisse cash for reeserves. The outstanding bank
b
debt at end December 2015 was
w US$ 121 million, duee for
2
and the Group’s Geaaring
repayyment betweenn 2016 and 2021,
ratio is approximateely 63%. We have secured a working capital
Strattegi
mi akan melanjutkan menjual kapal-kappal tertentu apabila
a
Kam
dimuungkinkan, meskipun
m
rugi secara nilai buku, untuk
mem
mperoleh kas sebagai
s
cadanngan. Pinjamaan bank yang belum
dilunnasi pada akhir Desember 2015
2
sebesarr US$ 121 jutaa, yang
akann jatuh tempoo antara 2016-2021, dan rasio Gearingg grup
PT WINTERMAR
R OFFSHORE
E MARINE Tbk
k
Jl Kebayoran
K
Lam
ma No 155
Jak
karta 11560 Ind
donesia
Tel : 62 21 530
0 5201 / 2
Faxx : 62 21 530
0 5203
ww
ww.wintermar.ccom
NO. 47/NL/II/22016
financcing line for uup to US$ 10 million. Ourr Capex spend in
2015 was reduced to US$ 13 million from an initial
i
plan of US$
U
e
to spennd US$ 6 millioon in 2016.
50 million and we expect
sekittar 63%. Kam
mi telah memperoleh fasilittas pinjaman modal
kerjaa sampai dengan US$ 10 juta. Pengeluuaran modal selama
s
20155 dikurangi menjadi US$ 13 juta dari renncana awal sebesar
US$ 50 juta dan kami
k
perkirakaan akan menghabiskan US$$ 6 juta
selam
ma tahun 2016.
At thee end of December 20155 our total coontracts on hand
h
totaled USD 190 million.
Sam
mpai dengan akhir
a
December 2015, totall kontrak yangg telah
diperroleh adalah sebesar
s
USD 190juta.
For fuurther informattion, please coontact:
Untuuk informasi taambahan, silahhkan hubungi :
Ms Pek
P Swan Layyanto
Innvestor Relatioons
PT Wintermar Offshore Marine Tbk
Tel (62--21) 530 5201 Ext 401
Email: [email protected]
m
DISCLAIMER
Certain statements made in this publication involve a number of risks and uncertainties that couldd cause actual resuults to differ materrially from those prrojected. Certain sttatements
relating to business and opperations of PT Wintermar Offshore Marine
M
Tbk and Subbsidiaries (the Com
mpany) are based on
o management’s expectations,
e
estim
mates and projectionns. These
statemeents are not guaranntees of future perfoormance and involvve risks, uncertainties and assumptionns that are difficult to predict. Certain statements are bassed upon assumptiions as to
future events
e
that may nott prove to be accurrate. Therefore, acttual outcomes and results may differ materially from whhat is expressed or forecasted in suchh statements. The Company
C
makes no
n commitment, annd disclaims any duuty, to update or reevise any of these statements. This publication
p
is for infformational purposes only and is not intended as a soliccitation or
offering of securities in any jurisdiction. Thee information contained in this publication is not intennded to qualify, supplement or amennd information discclosed under corpoorate and
securitiees legislation of anny jurisdiction applicable to the Company and should not
n be relied upon for the purpose of
o making investmeent decisions conceerning any securitiies of the
Companny.
PT WINTERMAR
R OFFSHORE
E MARINE Tbk
k
Jl Kebayoran
K
Lam
ma No 155
Jak
karta 11560 Ind
donesia
Tel : 62 21 530
0 5201 / 2
Faxx : 62 21 530
0 5203
ww
ww.wintermar.ccom