Company Profile
•
National company working to international standards
•
First Indonesian shipping company to obtain certification for Integrated
Management System from Lloyds Register Quality Assurance
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International client base in Asia and Middle East
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Professional and experienced management team
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High Quality clients - multinational oil and gas companies
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Fleet of 74 offshore vessels *
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Wide range of services – Rig move, Crew change, Emergency rescue, Offshore
supply, diving support, seismic support, accommodation, etc.
Business Segments
1. Own Vessels Division
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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
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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.
Increasing upstream spending in 2017
Indonesia’s oil supply is not keeping up with
demand
7
Asia Pacific Upstream expenditure set to bottom
and pick up, especially in Deepwater
0
2014 2015 2016 2017 2018 2019 2020 2021
C
Conventional LNG Tight/acid gas & heavy oil Deepwater Unconventional gas Q4 2015
Source: Wood Mackenzie UDT
Indonesia is underpinned by several development
projects in 2017
The majority of Asia Pacific FID projects in 2016 are in Indonesia
.
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
Fall off in Demand for OSVs has triggered sharp
drops in charter rates although activity is rising
Asia Pacific OSV still plagued by low utilization
rates
11
Composition of high value vessels in fleet mix
12
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Plan to sell more low tier Vessels in 2017
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
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“Warm stacking” groups of vessels to reduce opex
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Reducing crew salary expenses
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
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
Expanding marketing network to Brunei, India, Middle East and
South America where there are longer term charters.
5 Years Review
19
