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Wintermar Offshore gets breathing space from lenders

Wintermar Offshore gets breathing space from lenders

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Indonesian OSV owner PT Wintermar Offshore Marine says it has completed loan rescheduling agreements with key lenders.

The agreements have seen loan periods and principal repayments amended to “more closely align these debt service obligations with cash generated” by the company.

Wintermar has managed to amend debt payments of $71.4m, representing 93% of its long term bank debt. $31.7m of loan principal due in 2017 and 2018 has now been rescheduled to 2018-2022.

“The group considered this process necessary in view of the lower outlook on vessel utilization and charter rates following the sustained impact of lower oil prices globally and the reduction in spending by its major clients in the oil and gas extraction industry,” the company said in a statement.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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