Wintermar Offshore Marine (WINS) reported a 24.4% year-on-year increase in attributable net profit for the first half of 2026, supported by higher fleet utilisation and stronger owned vessel performance. Net profit reached US$8.4 million, up from US$6.7 million a year earlier. EBITDA climbed 76.8% to US$28.2 million, while operating profit more than doubled to US$20.1 million. Revenue from the Owned Vessel Division increased 41.4% to US$45 million. Fleet utilisation also improved to 62%, compared with 56% in the first half of 2025. The division’s gross margin rose to 51.7% from 39.1%. Wintermar said more platform supply vessels entered service during the period. However, the company said short-term spot contracts continued to create volatility. Delays in domestic tenders also affected vessel utilisation. In addition, the conflict in the Middle East disrupted deployment plans for several vessels. Meanwhile, chartering revenue fell 40.5% to US$1.6 million. Wintermar continued to focus on its higher-margin owned fleet. Revenue from other services increased 40.8% to US$3.4 million, driven by higher fee-based income. Looking ahead, Wintermar expects offshore oil and gas activity to remain strong. The company cited firm oil prices, rising upstream investment and growing energy demand. It also expects limited vessel supply to support charter rates in the coming years. Wintermar is expanding its fleet through vessel acquisitions, newbuildings and the purchase of Fast Offshore Supply (FOS). The acquisition closed at the end of June, with earnings expected to be consolidated from the second half of 2026. In July, the company took delivery of a second-hand diesel-electric anchor handling tug supply vessel and a multi-role support vessel. Both are expected to enter service in the fourth quarter after upgrades. Wintermar has also ordered a new multi-role support vessel for delivery in the second half of 2027. The company expects the expansion programme to increase costs du