Wintermar books sharp increase in profit, confirms three-pronged expansion strategy

Unveiling H1 2026 results in which it reported 24.4% year-on-year growth in attributable net profit, the company – which first discussed additions to its fleet in May 2026 – said it plans to capitalize on momentum in OSV demand in the coming years, and on what it said is an expected shortage of OSVs globally, by purchasing second-hand vessels and building new ones. It has also recently acquired Fast Offshore Supply Pte Ltd, gaining control of a fleet of new crewboats, which already have long term contracts.

“The business cycle for offshore oil and gas investment continues to be strong, driven by higher oil prices amidst supply disruptions and political uncertainty,” said the company.

“Capital expenditure in offshore oil and gas has doubled since the trough of 2020. In Indonesia alone, there are now five strategic national projects which have been slated for accelerated exploration, with the US$21Bn Masela project breaking ground in July 2026.

“In general, there has been stronger demand for dynamic positioning-enabled platform supply vessels globally while the supply of vessels has been limited due to the absence of orders for newbuildings for nearly a decade. As 47% of the global fleet is now more than 15 years old, there will be tight supply in the coming years, pointing to higher charter rates.”

In July 2026, the company took delivery of a second-hand diesel-electric anchor-handling tug supply (AHTS) vessel and a second-hand diesel-electric multi-role support vessel (MSV). Both are being modified and are expected to be operational by 4Q 2026. 

Wintermar also recently placed an order for a newbuild MSV, to be delivered in 2H 2027 and, through the acquisition of FOS, is gaining access to seven existing vessels, of which two have long-term contracts, and in 2027 to the five crewboats mentioned above. These vessels have been contracted for five years with options. The investments will be funded through a combination of internal cash, bank loans as well as vessel sales.

“The effect of our expansion plan will be to raise our net gearing and add to expenses in the second half of 2026 prior to the vessels starting work in 2027,2 said the company. “Although in the near term this is expected to reduce net margins for 2H 2026, we are confident that these investments will be earnings accretive in 2027, and there will be a jump in revenue and profit when the new vessels start operations.”

In addition to the new vessels mentioned above, Wintermar also has a second-hand PSV acquired last year, which is due to be reactivated in 4Q 2026, and a newbuild PSV to be delivered in 2Q 2027.