The Indonesian OSV owner anticipates rising demand for high-tier vessels in H2 2025 and 2026, but has had a slow start to the year
A cautious energy industry and a seasonal slowdown has delayed projects and lowered offshore support vessel (OSV) utilisation in Asia.However, one owner is positive about the prospects for its vessels in H2 2025 and into 2026.
Wintermar Offshore said 2025 started slowly for its OSVs operating in southeast Asia due to the recent decline in oil and gas prices and a seasonal slowdown in offshore activities in the region.
The Jakarta, Indonesia-headquartered owner said this has “impacted utilisation in Q1 2025 as 60% of the fleet is still exposed to short-term spot contracts”.
But Wintermar has seen higher operating profits and a stable gross margin from its operations due to the mix of its fleet, with more vessels able to operate on dynamic positioning (DP) working on medium-term assignments and long-term contracts than in the same period in 2024.
Wintermar expects OSV markets in Asia to improve as “planning is underway for several offshore drilling projects which are expected to ramp up towards the end of the year, which provide support for charter rates.”
The owner has secured additional high-tier vessel contracts and introduced two heavy-load barges to its fleet in Q1 2025, which should improve revenues and profitability in H2 2025.
“Looking ahead to 2026, we are still positive about the demand for DP vessels which will be needed for several new deepwater drilling projects in development this year,” said Wintermar, which has a US$71.9M orderbook as of the end of March 2025.
