Logo Home    |    About us    |    Practice areas    |    Lawyers    |    News    |    Join us    |    FAQ
Tiendas Law Offices | News
Do you want to receive our publication regularly? Subscribe here



Do you have a testimonial about us?
Write here or view here


    

News

WINTERMAR SEEKS TO EXPAND OVERSEAS

Posted on August 21, 2015 on 16:54:36 WIB


Offshore vessel services (OVS) firm Wintermar Offshore Marine is seeking to expand to other Southeast Asian countries to cope with the decline in oil and gas activities in Indonesia, the company's executive has said.

President director Sugiman Layanto said that his company was exploring the opportunity to operate in Myanmar, Vietnam and Brunei Darussalam to increase the utilization rate of the company's vessels. "We especially see a big opportunity in Myanmar, as increasing oil and gas activities might provide an opportunity for expansion there," Sugiman told reporters during a press conference on Thursday.

Myanmar awarded this month contracts to international oil majors Statoil and ConocoPhillips for oil and gas exploration in a deepwater offshore block, according to Reuters. Last year, Myanmar awarded exploration rights to the two companies, as well as to Royal Dutch Shell and Total, for 10 shallow-water blocks and 10 deepwater blocks.

During the fiscal year that ended in March, Myanmar attracted foreign direct investment (FDI) totaling US$8 billion, about 35 percent of which was poured into the energy sector, Reuters reported, citing the Myanmar Investment Commission.

Sugiman said that for its foreign operations, the company currently had two vessels operating for mid-term contracts in India and one vessel for a long-term contract in Brunei Darussalam, the latter of which started last year. The company also has two vessels to cater to Myanmar's spot market and another vessel for the Vietnamese market. Wintermar had no specific target for its overseas expansion, president commissioner Johnson William Sutjipto said. "We simply follow every tender that is suitable for our business and vessel profile," he said.

Strengthening regional business is one of the OVS firm's strategies to mitigate plunging oil prices, which have further affected activities in the oil and gas industry and resulted in the company booking sluggish first-quarter performance. The company currently has 77 vessels, among them are 12 high-tier vessels.

Wintermar saw its revenues decline by 39 percent year-on-year (yoy) to $29.25 million during the first quarter of the year while its net profit plunged by 99 percent from $7.59 million in the first three months of last year, to $76,122.

Crude oil prices, which reached an average of $110 a barrel in mid-2004, have dropped to as low as $50 a barrel in recent months after the Organization of the Petroleum Exporting Countries (OPEC) decided in November to leave output levels unchanged. The Upstream Oil and Gas Regulatory Special Task Force (SKKMigas) estimates contractors will on average cut their budgets and welling activities by at least 20 percent from their initial work plans, as current low oil prices have made numerous projects uneconomical.

State-owned oil and gas firm Pertamina has said that it will reduce its drilling activities this year to 36 exploration wells and 116 exploitation wells, a significant reduction from the firm's activities in 2014 involving drilling in 39 exploration wells and 243 exploitation wells. During the first quarter, Wintermar saw its overall fleet utilization decrease from 70 percent last year to 61 percent this year, due to low oil and gas activities. Pek Swan Layanto, Wintermar investor relations head, said that Wintermar decided to cut its capital expenditure to $30 million from $50 million to face slowing business.

Source: The Jakarta Post, 08 May 2015


Other News

- GOVT RELAXES PERMITS FOR POWER PLANT INVESTORS
- BKPM MULLS PLAN TO EASE FOREIGN OWNERSHIP IN COLD-STORAGE FACILITIES
- OJK TO REGULATE CROWDFUNDING BY YEAR-END
- GOVT TO ISSUE REGULATION ON MINING COMPANIES' DIVESTMENT
- EXIMBANK SECURES $500M LOAN FROM ICBC
- BRI SIGNS LOAN DEAL WITH PETROKIMIA GRESIK
- POLICY ISSUED TO EASE RESTRICTIONS ON FOREIGNERS' BANK ACCOUNTS
- GOVT TO ALLOW EARLY MINING LICENSE EXTENSION
- GOVT TO SIMPLIFY EXTENSIONS OF MINING CONTRACTS
- RESTRICTIONS ON FOREIGNERS' BANK ACCOUNTS EASED
- INDONESIA'S CENTRAL BANK TIGHTENS RULES FOR DOMESTIC DOLLAR PURCHASE
- BRI, BNI READY TO BUY BACK SHARES: MINISTER
- OJK WARNS BANKS OF HARD TIMES, FALLING CAPITAL
- ADIRA MULLS OFFERING LOANS TO GO-JEK, GRABBIKE DRIVERS
- OJK WANTS SMALL FOREIGN-OWNED BANKS TO UPGRADE CLASS
- 10 COAL MINERS AGREED TO AMEND OPERATING CONTRACTS
- ECONOMY IN BRIEF: OIL AND GAS FIELDS UP FOR AUCTION
- GOVT EXTENDS DEADLINE ON EQUITY RULING
- GOVERNMENT CONSIDERS REVISING OIL SHARE CONTRACTS
- OJK'S NEW POLICIES EXPECTED TO STOKE LENDING
- CREDITOR STARTS BANKRUPTCY PROCEEDINGS AGAINST INDONESIA'S BERAU
- MNC INVESTAMA TO BUY BACK 10% OF PUBLIC STAKE
- BII TO DISBURSE $300 MILLION LOANS IN SECOND HALF
- OJK IMPOSES RELAXED RULINGS TO REFINE LENDING
- BKPM TO PUSH REALIZATION OF 54 FDI PROJECTS WORTH $13.6 BILLION
- FOREIGN BANKS PROTEST BILL REQUIRING LOCALLY INCORPORATED BRANCHES
- FOREIGN LENDERS FRET OVER PROPOSED LIMIT
- GOVERNMENT TO SIGN REVISED MINING CONTRACTS THIS MONTH
- NATIONAL HEALTH INSURANCE (JKN) PENALTIES INCREASED, FEES RAISED
- SOUTH KOREAN SHINHAN BANKS BUYS INDONESIAN BANKS
- HEAVY SANCTIONS IMPOSED AGAINST DOLLAR TRANSACTIONS
- GOVERNMENT TO EXPAND CORPORATE TAX DISCOUNTS
- BCA EYEING A CREDIT BUREAU TO BOLSTER LOAN, TACKLE NONPERFORMING LOANS
- INDONESIA REGULATOR TO ISSUE RULES TO MANAGE RISK AT FINANCIAL CONGLOMERATES
- FOREIGN POSSESSION OF PROPERTIES CAN LAST A LIFETIME: MINISTER
- NEW UN REPORT FINDS INCREASE IN FOREIGN INVESTMENT FOR INDONESIA IN 2014
- BKPM'S RESPONSE TO INVESTORS CALM OVER WEAK RUPIAH
- OJK TO RELAX RULES FOR FOREIGN INVESTORS
- ANALYSIS: BANKS: PRESSURED BY TAX RULINGS
- GOVT TO FINISH COAL TALKS BY END OF YEAR
- BANKS PLAN ON LOWERING TARGETS IN RESPONSE TO COOLING ECONOMY
- PALM-OIL LEVY COLLECTOR TO BE ESTABLISHED NEXT WEEK
- WORLD COAL MARKET HEADING TO NEW EQUILIBRIUM: MINISTER
- BI REVISES RULES TO BOOST FX TRADING, SWAP DEALS
- BKPM SOLVES INVESTMENT BOTTLENECKS WORTH US$99 BILLION
- INDONESIA TO ISSUE NEW TIN RULES TO STOP ILLEGAL EXPORTS
- GOVERNMENT REVISES INVESTMENT TREATIES
- RI TO RESUME FREE TRADE TALKS WITH EU NEXT MONTH
- KADIN PROPOSES SPECIAL FUNDING BODY TO SUPPORT INDUSTRY
- INDONESIA HIRES FOUR BANKS TO MANAGE NEXT GLOBAL SUKUK
- INDONESIA PRESIDENT SIGNS PALM EXPORT LEVY TO FUND BIODIESEL
- BKPM TO ISSUE PROCEDURES FOR APPLYING FOR TAX ALLOWANCES
- OJK PLANS NEW REGULATION TO BOOST VENTURE CAPITAL INDUSTRY
- BI EASE THE RESTRICTION UPON BANK’S LOAN DEPOSITO RATIO
- BI TINKERS WITH RULES OF BANK TO EASE POLICY
- TAX AMNESTY ENFORCED ON 2017
- FACING MEA, OJK STRENGTHEN THE SAFE GUARD OF FINANCIAL SECTOR
- MINISTER OF FINANCE STRATEGY TO HOLD THE OUTFLOW OF FOREIGN CAPITAL
- OPPORTUNITY KNOCKS AT ASIA-AFRICA SUMMIT
- BKPM REFORMS LEAD WAY TO ASEAN INVESTMENT
- INDONESIA'S CENTRAL BANK BANS FOREIGN CURRENCIES FOR DOMESTIC TRANSACTIONS
- MINISTER OF TRADE SET A SPECIAL PROVISIONS MANDATORY L / C
- OJK BANS PARTY MEMBERS FROM BANK LEADERSHIP
- FED MOVE GIVES RI TIME TO REFORM
- BKPM ANNULS $23 BILLION IN INVESTMENT PERMIT
- MOF OF INDONESIA TO REDUCE FOREIGN OWNERSHIP AGAINTS RUPIAH BOND
- NEW VISA POLICY TO AID RUPIAH
- INDONESIA REGULATOR TO EASE INVESTMENT RULES ON PENSION AND INSURANCE FUND
- INDONESIA TO IMPOSE ANTI-DUMPING IMPORT DUTIES TO STRENGTHEN RUPIAH
- INDONESIA PLANS ALTERNATIVE SUKUK STRUCTURES TO BOOST VOLUMES
- INSIGHT: HOW SHOULD WE MEASURE EXPATS' INDONESIAN PROFICIENCY?
- GOVT TO PLACE SOE SUBSIDIARIES UNDER CLOSE SCRUTINY
- MANDIRI TO SET UP VENTURE CAPITAL, SEEKING EXPANSION BEYOND BANKING
- CONTRACTORS TOLD TO CUT COSTS BUT KEEP OUTPUT UP
- OJK TELLS BANKS TO BE VIGILANT AS BAD LOANS RISE
- LPS IN FRAME FOR NEW ROLE OF PROTECTING INSURANCE COMPANIES
- GOVT LOOKS TO HONE MARITIME DEVELOPMENT
- GOVT TO EASE PERMITS FOR OIL & GAS SECTOR
- 2015, YEAR OF SHARIA CAPITAL MARKET: OJK
- FOREIGN OWNERSHIP CAP, DIVESTMENTS LOOM IN REVIVED BANKING BILL
- NEW NCD, LDR RULES TO HELP BANKS
- OJK TO LET INDONESIA MUTUAL FUNDS TO INVEST ABROAD
- BANK INDONESIA IMPROVES THE REGULATION ON APPLICATION OF PRUDENCE IN NON-BANK CORPORATE EXTERNAL DEBT MANAGEMENT
- LAND ACQUISITION AND PPP RULES TO BE REVISED
- BI RATE KEPT STEADY; NO SIGN OF RATE CUT IN NEAR FUTURE
- BKPM TO FACILITATE MORE INVESTMENT IN PETROCHEMICAL, PHARMACEUTICAL AND STEEL
- 4 STRATEGIC EXPORT PRODUCTS REQUIRES L/C
- UOB FACILITATES INVESTORS IN RI
- BKPM TO TRIAL NEW LICENSING SYSTEM IN MAJOR PROVINCES
- BANKS UPBEAT ON INVESTMENT WORKING CAPITAL LOANS
- FOREIGN WORKERS IN INDONESIA 'MUST TAKE LOCAL LANGUAGE TEST'.
- TRADE MINISTRY HAS ISSUED NEW REGULATION REGARDING EXPORT-IMPORT OF OIL AND GAS.
- BI DELAYS NEW POLICY ON BANK DEPOSITS
- BI TO PROMOTE E-MONEY TRANSACTIONS IN 2015
- NEW INDONESIAN REGULATION MAY BOOST GROWTH FOR MULTIFINANCE FIRMS IN 2015
- CLEARING THE WAY FOR LOCAL BONDS
- IMPROVING CORPORATE GOVERNANCE SEEN AS KEY FOR FURTHER FOREIGN INVESTMENT IN INDONESIA
- US EASES VISA PROCESS FOR RI CITIZENS
- GENERAL ELECTION TO BOOST RUPIAH
- INCENTIVES OFFERED FOR EXPORT-ORIENTED INVESTMENT
- NEW REGULATION TO EASE DELISTING OF IDX COMPANIES
- INDONESIA'S TRADE MINISTER RESIGNS TO FOCUS ON PRESIDENTIAL CAMPAIGN
- NEW TRADE LAW EXPECTED TO BOOST DOMESTIC PRODUCTION IN INDONESIA
- MINISTRY ISSUES LAW ON GOVERNMENT OFFICIALS
- 2014: FDI ESTIMATED TO CLIMB 15%
- CAPITOL NUSANTARA PLANS TO PURCHASE $6M VESSEL BY JULY WITH IPO PROCEEDS
- SHIPPING INDUSTRY SET TO SAIL IN STORMY SEA THIS YEAR
- MANDIRI SETS ASIDE $822M FOR ACQUISITIONS
- OCBC NISP EYES RP 3T IN 2014 BOND SALE
- LOGINDO MAKES FLAT STOCK MARKET DEBUT
- LOGINDO SETS $64M TARGET IN CONTRACTS
- PRESIDENT PROMISES SWIFT FINALIZATION OF REVISED DNI LIST
- CHINA TO BUILD SHIPYARD IN INDONESIA
- ENGLISH LANGUAGE CONTRACT DEEMED VOID BY INDONESIAN COURT
- INDONESIA PLANS TO SOFTEN FOREIGN MINERS' DIVESTMENT RULE
- NEWMONT GOLD MINE WORKERS IN INDONESIA START STRIKE
- BI MAY USE 'LDR' POSITION TO INCREASE BANK LENDING
- MINISTER: TREND IN EXPORT GROWTH UP
- US, INDONESIA TO EXPAND BILATERAL COOPERATION
- NINE INDONESIAN AIRLINES FINED BY KPPU
- INDONESIAN STOCKS SOAR TO BIGGEST GAIN SINCE DECEMBER 2008
- NEW FINANCE MINISTER TO CONTINUE EXISTING FISCAL, MONETARY POLICIES
- UP TO 49% FOREIGN CAPITAL TO BE ALLOWED IN CROP CULTIVATION ENTERPRISES
- ASEAN TRADE IN GOODS AGREEMENT (ATIGA) TAKES FORCE
- TELECOMMUNICATION TOWERS CLOSED TO FOREIGN INVESTORS
- STANDARDIZATION FAILS TO PROTECT DOMESTIC INDUSTRY: LAWMAKERS
- BI, BAPEPAM TIGHTEN UP RULES
- KRAKATAU STEEL TO CONDUCT IPO IN SEPTEMBER 2010
- TELKOM LOOKS TO ACQUIRE SMALLER TELCOM FIRMS
- DUBAI'S FALLOUT MAY HIT RI FIRMS
- RI'S Q3 FOREIGN INVESTMENT INFLOWS PLUNGE 87 PCT
- LPS GETS BOOST FROM PPATK TO HELP TRACE LOST ASSETS
- BANK INDONESIA TO RESTRICT FOREIGN OWNERSHIP
- THAI PTT PLANS COAL MINE INVESTMENT IN INDONESIA
- BKPM TO MINIMIZE COMPLEXITY IN LICENSING