Wintermar's actions during the pandemic
During the past months, the Company has worked to bring down the cost base, enforcing strict cost controls to improve efficiency. These measures help to offset some of the unexpected new costs related to COVID-19 testing, prevention and quarantining, which are new standard precautions to prioritise the health and safety of clients and personnel during the pandemic.
The initial downturn in oil prices in 2Q2020 caused some contract cancellation and postponement. However, the gradual recovery in oil and gas demand has signalled a return of oil price stability in recent weeks. There has been a pick-up offshore activity lately. Fleet utilization has recovered from the slump in 2Q2020 as the Company managed to secure some short-term work to mitigate some of the loss of work caused by the pandemic.
As at end of August 2020, the Company's Contracts on hand amounted to US$ 69.5 million.
Ms. Pek Swan Layanto, CFA Investor Relations PT Wintermar Offshore Marine Tbk Tel +62 21 530 5201 Ext 401 Email: firstname.lastname@example.org
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