Jakarta: IFC, a member of the World Bank Group, has agreed to invest $10m in PT Wintermar Offshore Marine Tbk, to help expand the company's fleet of support vessels serving the exploration and development of Indonesia's offshore oil and gas fields and thereby helping the country meet its energy needs.
This financing, in the form of a convertible loan to PT Wintermar Offshore Marine with an exercise price of 500 Indonesian rupiah per share, will strengthen the company's capacity to bid for several upcoming projects providing offshore vessels to support deepwater-drilling projects, particularly in the economically less developed regions of eastern Indonesia.
IFC's latest investment follows a $45m loan provided in January to the Wintermar Group, the largest supplier of support vessels to Indonesia's oil and gas industry.
"We are strengthening our relationship with Wintermar, the largest Indonesian offshore supply vessels company and our valued partner," said Sergio Pimenta, IFC director for East Asia and the Pacific. "Our investment will assist the company's expansion in the remote areas in Indonesia and will help improve infrastructure services in the country."
Sugiman Layanto, managing director of PT WIntermar Offshore Marine Tbk, said: "Wintermar values IFC as a long-term investor who will support our company's strong growth in the coming years as we expand and upgrade our fleet to fulfill the high demand for offshore services in the energy sector in Indonesia and the Southeast Asian region. Having IFC as a partner further underpins our commitment to establishing Wintermar as a high-quality Indonesian company with an internationally competitive fleet and high standards of quality, safety and corporate governance."
IFC assists emerging markets in sustainable private-sector development. In recent years, Indonesia has boosted its natural gas reserves with several new discoveries in the eastern part of the country and along the borders with Australia, Timor-Leste and Papua New Guinea. [04/10/12]