Wintermar Group

completed

PT Wintermar Offshore Marine Services Tbk (the “Company”) is a company listed on the Indonesian Stock Exchange. The Company is one of the domestic market leaders in the Offshore Support Vessel (OSV) business in Indonesia with a 12% market share. The Company currently operates 66 vessels and in line with projected growth in demand for OSVs in Indonesia, the Company is looking to acquire 15 additional vessels worth $140 million over the next few years to continuing servicing its clients (the “Project”). IFC is considering financing up to 8 OSVs as part of the expansion program for a total of up to $60 million. This current growth in demand for OSVs in Indonesia is driven by the increase in off-shore oil and gas exploration and production activities projected for Indonesia, particularly in the remote off-shore areas of Eastern Indonesia. These increased activities are the results of a strong increase in production sharing contracts awarded by BP Migas in recent years, now leading to an increase in exploration and field development activities by the oil and gas companies. The Company’s expansion is estimated to capture its current market share of the projected total demand growth for OSVs in Indonesia.