P U B L I C
E X P O S E
PT
Wintermar
Offshore
Marine
Tbk
Agenda
1
Results of the General Meeting of Shareholders
2
Corporate Profile
3
Business Segments
4
2016 Business Highlight and Review
5
Industry Outlook and Summary
6
Fleet Composition
Results of General Meeting of
Shareholders
Agenda 1
Approval of Annual Report of the Company 2016 regarding the BOD
Report of the Activities of the Company, Report of Implementation of
Supervisory Duty of Board of Commissioners (“BOC”) and the Approval
to the Financial Report of the Company for the year ended on 31st of
December 2016;
Agenda 2
Appointment of Public Accountant to Audit Financial Report of the
Company for Financial Year 2017;
Agenda 3
Determination of Remuneration of members of BOC and BOD for
Results of General Meeting of
Shareholders
Agenda 1
Approval of Change of the Composition of the BOD and BOC;
Agenda 2
Approval of Issuance of New Shares without Pre-emptive Rights in
accordance with provisions in Regulation of Indonesia Financial
Services Authority (“OJK”) No. 38/POJK.04/2014 by issuing ordinary
shares;
Agenda 3
To grant authority to the BOC of the Company to increase the Issued
Capital and Paid Up Capital of the Company and to amend the Articles
of Association of the Company through the above Proposal of Issuance
of Shares without Pre-emptive Rights.
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 over 70 offshore vessels *
•
Wide range of services – Rig move, Crew change, Emergency rescue, Offshore
supply, diving support, seismic support, accommodation, etc.
Business Segments
1. Own Vessels Division
•
Owner and Operator of a diversified fleet of Offshore Support Vessels,
providing marketing, ship management and technical service for our own
fleet.
•
Includes Joint Ventures with other Ship Owners.
2. Chartering Division
•
Using third party vessels to support our clients’ needs.
3. Ship Management and other Services
•
Ship Management for third party ship owners, incorporating crewing,
technical, maintenance, operations, and agency services.
Actions taken by Management in 2016
1) Expand to new markets – Middle East and Asia
2) New Clients in EPIC (Engineering & Procurement etc)
industry
3) Wintermar Integrated Safety Program
4) Cost reduction
•
Cold Stacking - laying up older vessels
•
Warm stacking groups of non operating vessels to
reduce operating expenses
•
Limitations on crew salary expenses
Increasing upstream spending in 2017
Asia Pacific Upstream expenditure set to
bottom and pick up, especially in Deepwater
0
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
Deepwater
investment
Indonesia is underpinned by several
development projects in 2017
The majority of Asia Pacific FID projects in 2016 are in Indonesia.
Asia Pacific projects to FID in 2016
Fiel ds t hat FID in
2016
Count ry
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
Development projects underpin activity in
Indonesia in 2017-18
Some projects with production targets in the next few
years are likely to commence in the coming year
Asia Pacific OSV still plagued
by low
utilization rates
16
Source:
IHS Energy
Industry Prospects 2017
•
OPEC
Commitment
to
reduce
supply
has
stabilized oil prices
•
Increase in upstream activity underpinned by
development projects in Indonesia
•
OSV industry still facing oversupply, will take time
to recover
Fleet Composition
•
Plan to sell more low tier vessels in 2017.
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
Results 1Q - 2017
1) Revenue for Owned Vessels fell 39%YOY to US$13.1mil – lagged
effect of depressed oil prices in 2016
2) Utilization rate of fleet fell to 49% reflecting lack of tenders in
2016, price competition resulted in lower charter rates
3) Loss of US$1.1million at Gross profit level, reduced from a loss
of
US$1.5million
in
4Q2016,
margins
improved
from
-13% to -11%
4) Net Gearing fell to 49% as at end March 2017 compared to 57%
and 50% as at end 2015 and end 2016
24
Review 1Q
-2017
25
Review 1Q
-2017
Review 1Q
-2017
27
