Shipping firm Wintermar Offshore Marine (WINS) booked contracts of U$77 million by end July this year, up 11.6% from previous month, as more contracts have commenced, lifting the utilization of the fleet to 65%, in particular the mid and high tier vessels.
WINS also expects an improved cash flow in the future supported by deleveraging program, bringing net gearing ratio down to 34%, from 50% at early this year.
Globally, there are now more upstream oil and gas projects commencing. Oil prices have remained strong. In Asia, there has been a sustained improvement in rig utilization. While in Indonesia, there were delays in the commencement of a few longer term contracts from H1 to end this year.
Per June 2018, WINS operated 65 fleets of offshore vessel. The Company suffered loss of US$4.5 million in H1, but narrowed from loss US$11.4 million in H1 last year. Revenues rose 18.5% to US$32.6 million and operation turned to profit, against US$7.2 million loan a previous year, thanks to significant cut in other expenses.