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Australian marine services company, Bhagwan Marine Limited (Bhagwan or the Company), is pleased to announce it will commence trading on the Australian Securities Exchange (ASX) following a successful initial public offering of fully paid ordinary shares (Offer). Bhagwan will trade under the ASX ticker BWN.

The Offer comprised the issue of 126,984,127 new shares by the Company at $0.63 per share to raise $80m before costs and received strong institutional support. The Offer was conducted to strengthen Bhagwan’s balance sheet and enable the Company to pursue a range of compelling growth opportunities within the oil and gas, offshore wind, decommissioning, infrastructure, and defence sectors.

Bhagwan has a proven operating history of providing bespoke marine solutions utilising a diversified fleet of approximately 100 inshore and offshore vessels. The Company was founded in 2000 by the Kannikoski family in Geraldton, Western Australia, with a single vessel. The fleet has expanded via organic growth from increasing demand for its services, together with strategic acquisitions to build on its capabilities.

Bhagwan enjoys long term relationships with its clients, including major oil and gas and mining companies, construction companies and government entities.

Bhagwan Managing Director and Chief Executive Officer, Mr Loui Kannikoski, said:  “This is another exciting milestone in our Company’s history.”

The Kannikoski family maintains its deep personal commitment to the growth and success of Bhagwan, while retaining client trust and our strong culture.

“I acknowledge and thank our teams for their ongoing hard work, service delivery for our clients, and dedication to keeping each other safe. I am looking forward to working together as a listed company to deliver superior returns for our shareholders.”

Following positive operating conditions during the fourth quarter of FY24, Bhagwan expects to exceed its forecasted pro-forma EBITDA from $38.8m to a range between $39.5m and $40.5m.  All other financial forecasts as disclosed in the Prospectus remain unchanged. Bhagwan’s audited FY24 results, together with an operational update will be released to the market on 29 August 2024.

Bhagwan Chairman, Mr Anthony Wooles, added:

“Bhagwan is now entering an exciting new growth phase with the emergence of the oil and gas decommissioning sector, and the future development of the offshore wind energy sector. I am excited about the opportunities and potential for the Company to expand into new industry segments. Bhagwan’s strong operational and safety performance, along with its passionate focus on clients, personnel, culture, and service delivery, will continue to benefit the Company as we pursue sustainable earnings growth.”

Read full announcement here: ASX Announcement 30 July 2024

Bhagwan commences trading on ASX and highlights positive operating conditions