Wintermar acquires control of five newbuild crewboats

WINS has acquired the remaining 52.5% shareholding of FOS, which is based in Singapore, and 49% of PT Fast Offshore Indonesia (FOI), in which WINS previously had a 51% stake, thereby gaining full control of FOS and its subsidiary FOI. The vessels will be delivered in 2027.

FOS has a significant presence in Brunei, having supplied offshore vessels there for 10 years. In 2025, FOS won an international tender to supply five next-generation crewboats vessels to an oil company in Brunei, with delivery in 2027. The five units will be owned by FOS and chartered for an initial five-year period with options to extend.

Subsequently, FOS was awarded a shipbuilding contract by the same client to build an additional five crew transfer vessels by 2028. WINS said these 55-m vessels “are designed to meet stringent requirements, particularly for availability and operability throughout the year.”

Equipped with a motion-compensated gangway for safe personnel transfer to offshore platforms, DP systems and triple bow thrusters, they will be powered by four Cat engines delivering 9,000 bhp and four Hamilton HT810 waterjets. “These high tier vessels provide critical station-keeping capability for safe personnel and cargo transportation services,” said WINS.

FOS is a specialized shipbuilder, having designed and built aluminium vessels in their shipyard in Singapore since 2008. It currently owns seven fast multipurpose aluminium vessels, which were built in FOS’s shipyard in Singapore.

With the acquisition, Wintermar’s fleet will increase from 12 to 22 units including the five newbuilds. The number of DP vessels it owns will increase to 25 units. “This acquisition brings a fleet of newly-built DP vessels with long term contracts, thus lowering the average age of the fleet to 14 years and providing earnings visibility, as well as introducing a new earnings stream from shipbuilding,” WINS said.

The company is acquiring 52.5% of FOS from Seacoral Maritime Pte Ltd, an affiliated company of WINS, at a valuation of US$26M, and 49% of FOI from FOS at US$7M. The acquisition prices are in line with the independent valuation report, and the transaction has obtained a fairness opinion issued by an independent appraiser.

Following the acquisition, FOI will become a fully domestic Indonesian company compliant with Indonesian cabotage regulations and will focus on supplying Indonesian-flagged aluminium vessels in anticipation of stronger Indonesian demand. FOS and FOI will become wholly owned subsidiaries of WINS, allowing WINS to fully capture the financial upside of the imminent charter and shipbuilding contracts.