Owned Vessel Division

Owned Vessel revenue grew by 30.9%YOY to US$65.8million in 9M2026 with 2 units of additional DP vessels operational compared to 9M2025 while charter rates remained firm. Gross margin for Owned Vessels widened to 45.3% in 9M2026 compared to 40.0% in 9M2025 as there were more high tier vessels in operation this year. Fleet utilization remained stable at 60% in 9M2026 against 9M2025, although 3Q2026 utilization fell to 54% compared to 62% in 2Q2026, due to 3 high tier vessels completing long-term contracts. As a result of some delays in the tenders for long-term contracts, there are more vessels working on spot contracts which have resulted in short-term fluctuations in the utilization rate. The consolidation of Fast Offshore Supply Pte. Ltd. (FOS) for the first time in 3Q2026 offset some of there venue reduction from the core business. A few vessels are being prepared for deployment in 4Q2026, which has added to direct expenses but should improve utilization for the rest of the year.

Chartering and Other Marine Services

In line with management strategy to prioritise owned vessels division and boost fee-based income, chartering revenue continued to decline 20.5%YOY to US$3.2million with gross profit of US$0.2million.

Conversely, revenue from Other Marine Services rose by 68.2%YOY to US$6.9million for 9M2026, with gross profit from this division increasing by 42.8%YOY to US$2.0million.

Direct Expenses and Gross Profit

Direct Expenses for Owned Vessels rose by 19.2%YOY to US$36.0million for 9M2026, largely from the consolidation of FOS vessels for the first time in 3Q2026 after the acquisition was completed end of 1H2026.

Depreciation rose by 23.7%YOY to US$13.0million after including the FOS fleet in 3Q2026, as well as 2 additional Wintermar group vessels which began operation. Crewing costs rose by 25.2%YOY to US$10.2million, while fuel bunker costs increased by 46.8%YOY to US$2.6million from higher fuel prices and preparation for mobilization to long term contracts in 4Q2026. Operations expenses only increasing marginally by 4.4%YOY to US$3.6million and maintenance costs rose to US$6.6million from US$6.3million in 9M2025. Expenses from Other Marine Services rose 81.4% in line with the increase in income from the same division with more fee based services recorded.

Total Gross Profit jumped by 46.7%YOY in 9M2026 to US$32.1million, with the Owned Vessel Division contributing US$29.8million.

Indirect Expenses and Operating Profit

Total Indirect Expenses increased by 3.3%YOY to US$7.4million in 9M2026, of which the largest expense, staff salary only increased by 1.4%YOY to US$5.0million. Traveling costs rose by 61.1% to US$0.1million driven by increase of ongoing operations outside Indonesia. Administrative expenses and professional fees increased by 14.4%YOY and 20.6%YOY respectively, mainly from costs associated with new bank loans and the acquisition of FOS. Office depreciation increased by 5.7% and office utility by 23.5%, mainly due to the addition of FOS's administrative and office assets following the acquisition.

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