WINS Public Expose Aug 17
Public Ex pose
PT Wintermar Offshore Marine Tbk
8 August 2017
(2)
Company Profile
•
National company working to international standards
•
First Indonesian shipping company to obtain certification for Integrated
Management System from Lloyds Register Quality Assurance
•
International client base in Asia and Middle East
•
Professional and experienced management team
•
High Quality clients - multinational oil and gas companies
•
Fleet of 74 offshore vessels *
•
Wide range of services – Rig move, Crew change, Emergency rescue, Offshore
supply, diving support, seismic support, accommodation, etc.
(3)
Business Segments
1. Own Vessels Division
•
We own and operate a diversified fleet of Offshore Support Vessels,
providing marketing, ship management and technical service for our
own fleet.
2. Chartering Division
•
Leveraging on our expertise and market knowledge, we also tender for
work using third party vessels, providing QHSE support where needed.
3. Ship Management and other Services
•
Our shipping management team offers ship management service for
third party ship owners, incorporating crew, technical, maintenance,
operations, and agency services. We may also hold the marketing
rights to these vessels under our management.
(4)
Increasing upstream spending in 2017
Global Upstream E+P spending is projected to rise by 7% in 2017, after 2
consecutive years of
sharp declines (-26% and -23% for 2015 and 2016,
respectively)
(5)
Indonesia’s oil supply is not keeping up with
demand
(6)
Improving outlook for world demand and supply
balance supports more stable oil prices in 2017
(7)
7
Asia Pacific Upstream expenditure set to bottom
and pick up, especially in Deepwater
0 20 40 60 80 100 120 140
2014 2015 2016 2017 2018 2019 2020 2021
CA
PEX (US$
billion,
real)
Conventional LNG Tight/acid gas & heavy oil Deepwater Unconventional gas Q4 2015
Source: Wood Mackenzie UDT
Deepwater investment bottomed in 2016
(8)
Indonesia is underpinned by several development
projects in 2017
The majority of Asia Pacific FID projects in 2016 are in Indonesia
.
Asia Pacific proj ects to FID in 2016
Fields that FID in 2016
Country
Breakevens
Commercial
Reserves (mmboe)
Laverda
Aust ral ia
58. 6
68. 0
Tangguh Phase 2
Indonesia
46. 8
568. 1
KG-DWN-98/ 2 Fiel ds
India
40. 0
446. 0
Akat ara
Indonesia
24. 2
11. 1
B15
Mal aysia
21. 5
38. 2
Source: Wood Mackenzie
(9)
Several development projects underpin activity in
Indonesia in 2017-18
Sumber : SKK Migas
9
Some projects with production targets in the next few years are
likely to commence in the coming year
Masela
Field
(2024)
Tangguh (2020)IDD
(2016)
Djangkrik
(2017)
Ande Ande Lumut (2018)Bukit Tua (2016) Madura (2017)
(10)
Fall off in Demand for OSVs has triggered sharp
drops in charter rates although activity is rising
Charter rates expected to stay low in 2017 due to oversupply although
utilization will likely recover with firmer oil prices
(11)
Asia
Pacific
O
SV
still
plagued
b
y
low
utilization
rates
11
Source:
IHS Energy
, 2016
(12)
Composition of high value vessels in fleet mix
12
•
Plan to sell more low tier Vessels in 2017
•
By end 2017, 73% of the fleet expected to comprise of mid to high
tier vessels
Fleet
2010
2011
2012
2013
2014
2015
2016
2017E
Low
tier
40
38
32
28
27
25
24
18
Mid
tier
17
26
27
36
38
38
38
38
High
tier
2
3
5
7
12
12
12
12
(13)
Actions taken by Management
13
1) Expand to new markets – Middle East, PNG
2) New Clients in EPIC ( Engineering & Procurement) industry
3) Wintermar Integrated Safety Program
4) Cost Control measures:
• “Cold Stacking”- Laying up older vessels
• “Warm stacking” groups of vessels to reduce opex
• Reducing crew salary expenses
(14)
1H2017 Results
1) Owned Vessel revenue of US$10.9million for 2Q2017 was
15.6% higher than 1Q2017
2) Utilization rate of fleet jumped to 56% in 2Q2017 compared
to 49% for 1Q2017, reflecting project commencement in
Indonesia while price competition resulted in lower charter
rates
3) Total Revenue fell 43% from 1H2016 to US$27.7million for
1H2017
4) Net Gearing remains conservative at 50%, the same level as
at end 2016
(15)
Looking ahead at 2017
• OPEC Commitment to reduce supply seems to be holding
Oil Prices steady
• Increase
in
upstream
activity
is
underpinned
by
development projects in Indonesia
• OSV industry still facing oversupply, will take time to
recover
• Indonesian
government
looking
to
attract
O+G
investment through the “Gross Split” scheme
(16)
Expanding marketing network to Brunei, India, Middle East and
South America where there are longer term charters.
(17)
5
Y
ears Review
(18)
5
Y
ears Review
(19)
19
Review 1H Result - 2017
(20)
Owned Vessel Division is showing
improvement during 1H - 2017
(21)
Attracting Prominent Oil Companies through
Excellent Safety and Security Track Record
(22)
Disclaimer
Certain statements made in this presentation involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these statements. This presentation is for informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The information contained in this presentation is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the Company.
(1)
5
Y
ears Review
(2)
5
Y
ears Review
(3)
19
Review 1H Result - 2017
(4)
Owned Vessel Division is showing
improvement during 1H - 2017
(5)
Attracting Prominent Oil Companies through
Excellent Safety and Security Track Record
(6)
Disclaimer
Certain statements made in this presentation involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these statements. This presentation is for informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The information contained in this presentation is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the Company.