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Thursday, 23 July 2020, 21:00 HKT/SGT
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Source: Wintermar Offshore Marine Group
Wintermar Offshore (WINS) Expects Conditions to Improve in 2021 as Recovery in OSV Industry is Delayed by COVID-19 Impact on Oil Price

JAKARTA, July 23, 2020 - (ACN Newswire) - PT Wintermar Offshore Marine Tbk (WINS:JK) today held its Annual General Meeting of Shareholders ("AGM"), attended by shareholders meeting a quorum of more than 82%. The 6 agenda proposed by the Company were approved and resolved: the Annual Report FY2019 of the Company and re-appointment of Mr. Jonathan Jochanan as President Commissioner and Independent Commissioner, Mr. Johnson Williang Sutjipto as Commissioner, Mr. Sugiman Layanto as Managing Director and Mrs. Nely Layanto as Director for a tenure of 5 years.

In addition, the Company held its first Virtual Public Expose with the attendance of 41 interested public.

During AGM and Public Expose of PT Wintermar Offshore Marine Tbk, Managing Director Sugiman Layanto explained that the double impact of COVID-19 and fall in oil prices has delayed the Company's recovery this year. Due to the sharp decline in travel and flights, oil demand has fallen significantly in 2020. This has caused oil and gas companies to suspend and postpone drilling projects.

However, with the coordinated response of OPEC to reduce output and sharp cuts in US Shale oil production, the oil price could recover in 2021 and beyond. The Company has reported a strong first quarter result for 2020. Although 2020 is likely to be negatively impacted by the COVID-19 pandemic, the outlook for OSV has improved because demand and supply of vessels has reached equilibrium.

Wintermar's gearing is below 38% and the Company has rescheduled short term liabilities into long term loans. With the international experience the Company has gained and the strong track record with multinational clients, Wintermar is no longer an Indonesian player. As the market recovers, there will be a broader range of opportunities and a wider potential market available.

As at end of June 2020, the Company's Contracts on hand amounted to US$71.7 million.

Contact:
Ms. Pek Swan Layanto CFA 
Investor Relations 
PT Wintermar Offshore Marine Tbk
Tel: +62-21 530 5201 Ext 401
Email: investor_relations@wintermar.com 


Topic: Press release summary
Source: Wintermar Offshore Marine Group

Sectors: Marine & Offshore
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