Indonesia’s Wintermar Offshore Marine has seen its vessel utilization levels jump to 70% - its highest level since the end of 2014.
The stronger performance has prompted UOB Kay Hian’s offshore analyst Foo Zhi Wei to upgrade the offshore vessel operator to a ‘buy’.
“Wintermar is benefitting from a pick-up in activity in the Indonesia offshore sector on the back of higher oil prices,” said Foo
“Additionally, the company has widened its scope of activities, repurposing some of its vessels for subsea activities.
