FY25 Results Presentation 2 9 AU G U ST 2 0 2 5 The Sea Stryder Utility Vessel I M P O RTA N T N OT I C E A N D D I S C L A I M E R Authorisation of Release: This ASX Announcement has been approved for release by the Board of Bhagwan Marine Limited ABN 81 009 154 349 (“Bhagwan”). (ASX code: BWN) Important Notice: This presentation and these materials (together the “presentation”) have been prepared by Bhagwan as a summary of Bhagwan’s operations and results for the purposes of a presentation to existing or potential investors in Bhagwan. By participating in this presentation or reviewing or retaining these materials, you acknowledge and represent that you have read, understood and accepted the terms of this important notice and disclaimer. This presentation should be read in conjunction with Bhagwan’s prospectus dated 28 June 2024, FY25 Annual Report and other continuous disclosure announcements that have been lodged by Bhagwan with the ASX. Financial data: all dollar values are in Australian dollars unless stated otherwise. Non-IFRS information: Bhagwan’s financial reporting complies with Australian accounting standards and international financial reporting standards (“IFRS”). This presentation includes material that contains nonIFRS measures that are not subject to audit. The non-IFRS information has not been audited. Bhagwan believes this non-IFRS financial information provides useful information to users in measuring the financial performance and conditions of Bhagwan. The non-IFRS financial information does not have a standardised meaning prescribed by Australian accounting standards and therefore may not be comparable to similarly titled measures presented 2 by other entities, nor should it be construed as an alternative to other financial measures determined in accordance with Australian accounting standards. Investors are therefore cautioned not to place undue reliance on any non-IFRS financial information and ratios included in this presentation. Such non-IFRS financial information is unaudited. Forward-looking statements and risks: This presentation may contain forward-looking statements concerning activities that are or may be undertaken, and outlook or other matters. Any such forward-looking statements are based on assumptions that may differ materially from the actual circumstances which may arise. Actual results may differ from projections and such variations may be material. You should not place undue reliance on any projections which are based only on information currently available to Bhagwan. Bhagwan undertakes no obligation to update any forward-looking statements for events or circumstances that occur subsequent to the date of this presentation or to keep current any of the information provided. Past performance is no guarantee of future performance. Forward-looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that those predictions, forecasts and other forward-looking statements will not be achieved. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies that are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. This presentation contains statements that are subject to risk factors associated with Bhagwan’s industry as well as unknown risks and uncertainties (both general and specific), many of which are outside the control of Bhagwan. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables, some of which are outside Bhagwan’s control, which could cause actual results or trends to differ materially, including but not limited to earnings, capital expenditure, cash flow and capital structure risks and general business risks. Given this, recipients are strongly cautioned not to place undue reliance on any projections and forward-looking statements. Disclaimer: Other than as required by law, neither Bhagwan nor any other person (including any director, officer or employee of any member of the group) gives any representation, warranty or assurance (express or implied) in relation to the accuracy or completeness of any forward-looking statement or that the occurrence of any event, results, performance or achievement will actually occur. Except as required by applicable laws or regulations, Bhagwan expressly disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statements in this presentation to reflect any change in expectations in relation to any forwardlooking statements or any change in events, conditions or circumstances on which any such statement is based. B H AG WA N B U S I N E S S M O D E L AT A G L A N C E DIVERSIFIED BUSINESS MODEL – CORE & EMERGING MARKETS RESOURCES & CAPABILITIES 1. Nationwide Facilities Providing Local Support OFFSHORE ENERGY SUBSEA LARGE COMPLEX PROJECTS PORTS & INSHORE DEFENCE 2. Diverse and Multi-Functional Vessel Fleet 3. Highly Experienced Team & Local Crews 4. Leading Marine Innovation & Technology Core Markets MEDIUM PROJECTS SPOT MARKET & VESSEL CHARTERS 3 Emerging Market Presentation Overview 1. FY25 Highlights 2. FY25 Financial Performance 3. Operational Overview 4. Growth Opportunities & Outlook 5. Appendices 4 FY25 HIGHLIGHTS D E L I V E RI N G I N F I RST Y E A R A S L I ST E D CO M PA N Y 283.0M 50.9M 35.8M 0.5CPS RECORD NET REVENUE RECORD EBITDA2 NET CASH FROM OPERATIONS Up 5% on FY24 $268.8m1 Up 23% on FY24 $41.3m Up 23% on FY24 $29.0m Fully franked STRENGTHENING AS AN ASX COMPANY MAINTAINED SAFETY FOCUS GROWTH & INNOVATION WITHIN CORE BUSINESS PROGRESSION WITHIN NEW GROWTH SECTORS Refined strategy and appointed highly experienced COO to lead operations, deliver results and focus on growth. Enhanced systems for greater internal efficiencies. Implemented InvestorHub to increase shareholder engagement. LTIFR3 zero – improved from 0.90 TRIFR3 11.05 – up from 7.65 Implemented Safety Improvement Plan. Strong performance across all sectors. Six-year contract extension with Port of Melbourne. Further expansion into larger vessel market supported by Coral Knight acquisition. Invested in electrification and remote technologies. Grew presence in decommissioning and completed significant TVI4 project. Expanded operations to support offshore wind projects. Positioning for growth within emerging defence sector. Notes: 1. FY25 gross revenue of $292.2m, inclusive of pass-through revenue, FY24 gross revenue $303.2m 2. Please see Appendices for a reconciliation from Pro Forma to statutory results 3. Total Recordable Injury Frequence Tate (TRIFR) and Lost Time Injury Frequency Rate (LTIFR) per million hours worked v FY24 4. Thevenard Island (TVI) 5 INAUGURAL DIVIDEND FY25 Financial Performance 66 The Coral Knight Anchor Handling Vessel Y E A R - O N -Y E A R C O R E R E V E N U E G R O W T H DIVERSIFIED PROFILE REVENUE PROFILE1 NET REVENUE CAGR 28% (FY22 – FY25) TVI PROJECT CONTRIBUTED $91.9M OVER FY24 & 1H25 FY25 159.4 55.0 154.1 26.4 109.5 10.4 268.8 FY24 134.7 283.0 169.0 60.0 $M TVI Project Subsea Offshore Energy Defence & Other Ports & Inshore Notes: 1. FY24 revenue profile restated 7 74.7 83.3 85.7 2H22 1H23 2H23 99.1 104.3 1H24 2H24 127.7 128.9 1H25 2H25 $M FY22 FY23 FY24 FY25 1H22 TVI Project Y E A R - O N -Y E A R C O R E E A R N I N G S G R O W T H CO N T I N U ED FO C U S O N M A RG I N E X PA N S I O N PRO FORMA EBITDA1 CAGR 33% (FY22 – FY25) PRO FORMA EBITDA1 SPLITTING OUT TVI PROJECT PRO FORMA EBIT1 50.9 41.3 47.0 6.0 41.3 36.4 36.4 21.5 15.4 21.5 22% 15% EBITDA % Ex TVI 18% $M 16% 22% 17% FY23 FY24 FY25 $M FY22 FY23 FY24 FY25 TVI Project Notes: 1. See Appendices for a reconciliation from Pro Forma to statutory results Small variances may exist due to rounding 8 EBIT % 2% 18% $M FY22 17.8 35.3 EBITDA % 16% 22.8 3.9 50.9 9% 7% 8% FY23 FY24 FY25 2.1 FY22 REVENUE & EBITDA BREAKDOWN S T R O N G U N D E R LY I N G C O R E O V E R L AY E D W I T H S I G N I F I C A N T T V I P R O J E C T • Core revenue growth of 26% to $256.6m on increased fleet numbers, utilisation and average day rates • TVI project contributed $91.9m in revenue and $9.9m in EBITDA (11% margin) over FY24 and 1H25 • Administrative expenses to core revenue improved to 13% • Core EBITDA margins returned to 18% in line with expectations • Continued focus on EBITDA margin improvement in FY26 Revenue and EBITDA Breakdown (Core excludes TVI Project) $ Million FY22 FY23 FY24 FY25 1H24 2H24 1H25 2H25 Core revenue 134.7 169.0 203.4 256.6 99.1 104.3 127.7 128.9 TVI project revenue - - 65.4 26.4 10.4 55.0 26.4 - Total net revenue 134.7 169.0 268.8 283.0 109.5 159.3 154.1 128.9 Gross profit 40.2 57.4 71.2 84.4 34.8 36.4 43.7 40.7 Administrative expense & other (17.2) (20.7) (29.8) (33.5) (14.3) (15.5) (16.4) (17.1) Core EBITDA 21.5 36.4 35.3 47.0 20.9 14.5 23.4 23.6 Core EBITDA margin (%) 16% 22% 17% 18% 21% 14% 18% 18% TVI project EBITDA - - 6.0 3.9 (0.3) 6.2 3.9 - TVI project EBITDA margin (%) - - 9% 15% (0.3%) 11% 15% - Total pro forma EBITDA 21.5 36.4 41.3 50.9 20.6 20.7 27.3 23.6 Total pro forma EBITDA margin 16% 22% 15% 18% 19% 13% 18% 18% Notes: FY22 EBITDA excludes other income of $3.7m in relation to the gain on the sale of vessels See Appendices for a reconciliation from Pro Forma to statutory results. Small variances may occur due to rounding 9 CASH FLOW EBITDA GROWTH FLOWING THROUGH TO CASH • Increase in operating cash flow from: • Higher EBITDA • Lower interest charges • Partially offset by high operational activity at year end resulting in temporary use of working capital • Increase in sustaining capital expenditure from: • 10 year docking of flagship vessel (Dryden) • Fleet expansion, inflation and longer lead times in the vessel maintenance market • Growth capital includes $13.7m for the Coral Knight, a large anchor handling vessel Notes: Small variances may exist due to rounding 10 Statutory Cash Flow FY25 FY24 $ Million Actual Actual EBITDA 50.2 39.7 Interest and finance costs (2.4) (4.9) - - Working capital (and other) (12.0) (5.8) Cash generated from operations 35.8 29.0 Net sustaining capital expenditure (17.9) (12.1) Lease repayments (15.8) (13.2) Free cash flow 2.2 3.7 Growth capital expenditure (19.6) - Capital raised 76.8 (0.6) Total cash generated 59.4 3.1 Tax paid C A P I TA L E X P E N D I T U R E D E TA I L E N H A N C I N G F L E E T Q U A L I T Y, S I Z E & C A P A B I L I T Y • Growth capex includes: • Acquisition of the Coral Knight to support continued expansion into larger offshore vessel market • Acquisition of new tug for Dampier Port operations • 10-year dry docking and upgrade of the Dryden – $2.8m growth and $3.9m sustaining capex ($6.7m) • Investment in innovation targeting advancements in remote operations and hybrid vessel technologies • Sustaining & Discretionary capex includes: • Enhancing quality and operational efficiency of existing fleet. Spending impacted by inflation and longer lead times in the vessel maintenance market • Early maintenance of vessels in preparation for longer-term projects Notes: Small variances may exist due to rounding 11 Capital Expenditure Detail FY25 FY24 $ Million Actual Actual Growth 19.6 - Sustaining 11.9 13.6 Discretionary 6.9 - Asset Sales (0.9) (1.6) Total 37.5 12.1 BALANCE SHEET EARNINGS GROWTH DRIVING IMPROVED ROA • Focus on working capital management – activity towards year end resulted in higher debtors • FY25 PPE reflects increase in growth capex and additional leased vessels • Net debt to equity ratio 23% including operating leases • Net financial debt of $5.3m excluding operating leases • Proceeds from IPO allocated in line with Prospectus Notes: 1 Includes Right of Use Assets 2 Return on Assets (ROA). EBIT divided by Total Assets less Financial Assets. Small variances may exist due to rounding 12 Statutory Balance Sheet FY25 FY24 Change $ Million Actual Actual % Net working capital 7.0 2.8 152% Property, Plant and Equipment1 193.6 150.6 Intangibles - 1.1 Other 5.4 4.9 Capital employed 206.0 159.5 29% Net debt (including leases) 38.2 81.4 11.5 Shareholders funds 167.8 78.1 115% Capital employed 206.0 159.5 29% ROA2 (annualised) 9% 7% D E BT A N D L E A S E ST RU CT U RE CAPITALISED LEASES REFLECT IN CREASED FLEET SIZE & T EN U RE • Financial assets – loan to a related fleet management company • Financial debt reduced by IPO • Capex facility drawn to $13.2m for acquisition of the Coral Knight • Lease growth driven by new leased vessels: • Ada Clara – a remote operations vessel • Keller Ocean – Multicat • Increase in vessel lease terms, mainly barges • Increased tenure on property leases Notes: Small variances may exist due to rounding 13 Net Debt FY25 FY24 $ Million Actual Actual Cash 16.2 1.4 Financial assets 11.7 11.0 Cash and financial assets 27.9 12.4 Debt 33.2 77.5 Net debt (excluding leases) 5.3 65.1 Net debt (excluding leases)/equity 3% 83% Net debt (excluding leases)/EBITDA 0.1x 1.6x Leases 32.9 16.3 Net debt (including leases) 38.2 81.4 Net debt (including leases)/equity 23% 104% Net debt (including leases)/EBITDA 0.7x 2.0x Operational Overview 14 Pusher Tug Operations – Susan and Sunrise B H AG WA N B U S I N E S S M O D E L AT A G L A N C E DIVERSIFIED BUSINESS MODEL – CORE & EMERGING MARKETS RESOURCES & CAPABILITIES 1. Nationwide Facilities Providing Local Support OFFSHORE ENERGY SUBSEA LARGE COMPLEX PROJECTS PORTS & INSHORE DEFENCE 2. Diverse and Multi-Functional Vessel Fleet 3. Highly Experienced Team & Local Crews 4. Leading Marine Innovation & Technology Core Markets MEDIUM PROJECTS SPOT MARKET & VESSEL CHARTERS 15 Emerging Market STRONG ACTIVITY ACROSS ALL SECTORS F Y 25 U PDAT E OFFSHORE ENERGY • Completion of significant TVI project, establishing foundational capability in highly prospective decommissioning sector • Continuation of a five-year contract for standby support off the Pilbara coast, WA • Acquired Coral Knight to support expansion in larger vessel market • Strong tendering activity SUBSEA • Completion of horizontal directional drilling support at Australia’s largest LNG project off Barrow Island, WA • Completion of subsea pipe laying support at an offshore gas and condensate project in the NT • Substantial decommissioning support project in Q4 FY25 • Strong tendering activity Core Markets 16 Emerging Market PORTS & INSHORE • Support services for the Mardie Salt and Potash wharf project in the Pilbara, WA • Ongoing support for Groote Eylandt wharf repair project in NT • A six-year contract extension with the Port of Melbourne, Victoria plus subsequent associated works • Compelling opportunities to secure additional projects with increased investment in the Port of Melbourne DEFENCE • Ongoing projects with Australian Fisheries Management Association and border protection • Commenced upgrading the company facility at Henderson Marine Precinct, driven by increased government investment in defence and associated increase in activity Growth Opportunities & Outlook 17 Bhagwan (Keller) Ocean Multicat Barge Tow COMPELLING GROWTH SECTORS L EV E RAG I N G E X P E RI E N C E A N D CA PA B I L I T I E S W I T H I N CO RE B U S I N E S S OFFSHORE ENERGY Decommissioning Service Examples Bhagwan’s Current Activity 18 Larger Vessel Market Early-stage growth market across the APAC region • Maturing of Australia’s offshore oil and gas industry • • Movement to reduce emissions and reduce reliance on fossil fuels • Construction and maintenance services are highly vessel intensive • Proven platform experience and capability • Mobilisation of construction barge, with crane and accommodation • Environmental surveys • Geotechnical support • Construction support • • • Growth Drivers Offshore Wind • Anchor handling support • Crew transfer • Delivered Bhagwan’s first oil and gas decommissioning project, the largest undertaken by an Australianowned service provider. • PORTS & INSHORE SUBSEA • Ageing port infrastructure • • Impetus to maintain production levels and optimise asset utilisation Renewed focus on marine logistics, security and offshore surveys • Increasing naval infrastructure spend Inspection, maintenance and repair • Geophysical and geotechnical surveys Support for new and upgraded ports and nearshore infrastructure • Construction support • Infrastructure maintenance Ongoing maintenance work across Bhagwan’s core service portfolio • Ongoing service delivery for border force contracts Bhagwan’s enhanced profile as Australia’s largest listed marine solutions company • Platform supply vessels (PSV) • Subsea engineering • • Subsea inspection, maintenance and repair • • Hydrographic, geophysical and geotechnical surveys • Support for all phases of subsea project execution from inspection to decommissioning • Inspection, maintenance and repair Emergency and standby support • Anchor handling support Currently supporting initial survey work for offshore wind farms • Emergency and standby support in northern Western Australia Ageing offshore assets and marine infrastructure DEFENCE • P O S I T I V E LO N G -T E R M I N D U ST RY O U T LO O K S U P P LY D E M A N D I M B A L A N C E E X P E C T E D T O S U P P O R T R AT E S OSV GLOBAL UTILISATION AHTS 4,000 + BHP PSV > 1,000 DWT OSV RATE INDEX 100% 220 90% 200 80% 180 70% 160 60% 140 Jan 2005 = 100 OSV NEW BUILDING CONTRACTING ACTIVITY AHTS/AHT PSV/Supply No. Units 600 500 400 300 120 100 40% 200 80 100 Notes: Offshore Support Vessels (OSV), Anchor Handling Tug Supply (AHTS) Vessels and Platform Supply Vessels (PSV) Source: Clarksons Research Offshore Supply Vessel Monthly’, December 2024. Platform supply vessels (PSV). Anchor handling tug vessels (AHT). Anchor handling tug / supply vessels (AHTS). 2024 2022 2020 2018 2016 2014 2012 2010 2008 2006 2004 2002 0 2000 40 1998 60 1996 Forecasts subject to further revision. Projections highly subject to assumptions on future demand estimates, orderbook non-delivery and vessel removals. 2027 (f) 2026 (f) 2025 (f) 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 30% 19 PSV Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 50% Data at start year AHTS FY26 FOCUS AREAS ST REN GT H EN ING FO U N DAT IO NS FO R LO N G-T ERM SU CC ESS MARKET PENETRATION MARKET DEVELOPMENT MARGIN EXPANSION • Accelerate the expertise and operational capacity across offshore energy, subsea, ports & inshore and defence sectors • Draw on experience and proven capability in decommissioning sector • Generate quality revenue in an improving pricing environment • Further refinement of growth strategy • Disciplined cost control and procurement optimisation • Align leadership structure with strategic objectives • Generation of free cash flow by disciplined capital management • Build on executive team to enhance capabilities and accelerate growth • Leverage profile and competitive advantage as Australia’s largest listed marine solutions company • Further investment in innovation and leading marine technologies • Remain alert to accretive acquisition opportunities in core sectors 20 • Utilise existing contracts to expand within offshore wind sectors • Leverage the Coral Knight, to meet growing demand for larger vessels • Establish presence at key defence hubs • Remain alert to accretive acquisition opportunities in new growth sectors • Enhance systems and processes to achieve operational efficiencies OPERATIONAL EXCELLENCE • Automation of key processes to drive efficiency • Maturing as an ASX – listed company. POSITIVE OUTLOOK LEVERAGING LEADING MARKET POSITION AND STRONG DRIVERS In our first year as a listed company, Bhagwan performed strongly and exceeded expectations. Building on this momentum, we will continue to invest in capability, expand across our core and growth sectors and remain alert to accretive acquisitions. The medium-term market fundaments for vessel pricing and utilisation remain favourable, yet we remain watchful of macroeconomic uncertainty, which is likely to persist in the near-term. As a leading marine solutions provider with established relationships and proven experience, we are in a strong position to capture growth and deliver lasting value for our customers and shareholders. LOUI KANNIKOSKI | Managing Director & CEO 21 Appendices 22 D E TA I L E D P R O F I T & LO S S Pro Forma Profit and Loss ($ Million) FY25 FY24 Change (%) Gross revenue 292.2 303.1 -4% Pass-through revenue1 (9.2) (34.4) Net revenue 283.0 268.7 5% Net cost of sales (198.7) (197.5) 1% Gross profit 84.4 71.2 18% Administrative expense (33.5) (29.8) 12% Impairment of assets - (0.3) Other income (portion included in EBITDA) - 0.2 EBITDA 50.9 41.3 23% Depreciation and amortisation expense (28.1) (23.6) 19% EBIT 22.8 17.8 27% Other income (portion not included in EBITDA) 0.9 (0.2) Finance income 0.5 0.2 Finance costs (4.2) (2.1) Profit before income tax benefit 20.1 15.7 Income tax (expense) (7.1) (4.7) Net profit after tax (NPAT) 13.0 11.0 Gross profit margin 30% 26% Administrative expense/net revenue 12% 11% EBITDA margin 18% 15% Notes: 1. Non AASB 15 revenue from contracts with customers Small variances may exist due to rounding. Please see Appendices for a reconciliation of pro forma to statutory results 23 29% 18% R E C O N C I L I AT I O N O F STAT U TO RY E B I T DA TO P R O F O R M A E B I T DA • Administrative expense was increased in FY24 by $1.1m to reflect the estimated extra costs that Bhagwan would incur as a result of being a listed company. These costs included Directors’ fees, share registry costs, ASX listing fees, Directors’ and officers’ insurance premiums and audit and legal fees. • Administrative expense for FY24 has been reduced by $2.7m and FY25 by $0.7m to reflect the total nonrecurring transaction costs related to the Company’s initial public offer (IPO), comprising of corporate advisory, legal and accounting fees. Notes: 1. Small variances may exist due to rounding 24 Reconciliation of Statutory EBITDA to Pro Forma EBITDA FY25 FY24 Change $ Million Actual Actual % Statutory EBITDA 50.2 39.7 26% Less: Additional administrative expenses Add: Transaction costs Total Pro Forma adjustments 0.7 0.7 (1.1) 2.7 1.6 Pro Forma EBITDA 50.9 41.3 23% R E C O N C I L I AT I O N O F STAT U TO RY N PAT TO P R O F O R M A N PAT Notes: 1. Small variances may exist due to rounding 25 Reconciliation of Statutory NPAT to Pro Forma NPAT FY25 FY24 Change $ Million Actual Actual % Statutory NPAT 12.5 5.5 130% Less: Additional administrative expenses Add: Transaction costs Add: Finance cost savings Less: Impairment reversal Less: Tax effect of the above Total Pro Forma adjustments 0.7 (0.2) 0.5 (1.1) 2.7 7.3 (1.2) (2.3) 5.4 Pro Forma NPAT 13.0 11.0 21% BHAGWAN BOARD Anthony Wooles Chairman and Non-Executive Director Loui Kannikoski Managing Director and Chief Executive Officer Tracey Horton AO Independent Non-Executive Director Andrew Wackett Executive Director - Finance Appointed Chair on 8 March 2012 Founded and managed Bhagwan since 2000 Appointed as Independent Non-Executive Director on 5 June 2024 Appointed as Executive Director of Finance on 1 May 2024 Expertise: Financial and capital markets and strategic marketing. Expertise: Extensive operational and management experience within the marine and oil & gas industries. Expertise: Corporate governance and strategy, economics, finance and accounting. Expertise: Investment banking, securities management, finance and corporate governance. Other ASX Directorships: IMDEX Limited since 2016 High Peak Royalties since 2012 26 Other ASX Directorships: IMDEX Limited since 2023 IDP Education since 2022 GPT since 2019 EXECUTIVE LEADERSHIP TEAM 27 Cheryl Williams CFO and Company Secretary Mark Annand Chief Operating Officer Joined in 2018 Joined in 2025 Expertise & Qualifications: Strategic leadership with extensive financial planning & analysis. Certified Chartered Accountant (ACCA). BA (Hons) degree in Accounting and Human Resource Management. Certificate in Corporate Governance Practice. Expertise & Qualifications: Commercial leadership and transformation. Extensive experience within energy sector. Holds a Higher National Certificate of Mechanical Design Engineering. Kerren Kannikoski General Manager, Corporate Services Daniel Shields General Manager, QHSE Grant Bedford General Manager, Commercial Co-founder of the business and commenced in 2000 Joined in 2024 Joined in 2023 Expertise & Qualifications: Quality management, occupational health & safety management, environmental management. Holds an Advanced Diploma in Occupational Health and Safety and is undertaking a Graduate Certificate in Workplace Health & Safety. Expertise & Qualifications: Commercial management, business development. Graduate of the Australian Institute of Company Directors. Certified Public Accountant (Australia). Holds an MBA and Bachelor of Commerce (BCom) – Accounting. Expertise & Qualifications: Human resources, crewing, payroll, information systems and marketing. EXECUTIVE LEADERSHIP TEAM Peter Carmichael General Manager, Corporate and Strategic Development Kevin Clifford General Manager, East Coast Operations Gregory Standish General Manager, Subsea Tom Kannikoski General Manager, West Coast Operations Luke Morand General Manager, Northern Territory Joined in 2006 Joined in 2014 Joined in 2021 Joined in 2014 Joined in 2014 Expertise and Qualifications: AMSA Qualified Marine Master and Engineer Expertise and Qualifications: AMSA Qualified Marine Master and Engineer Expertise and Qualifications: BEng (Hons), Civil Engineering. Expertise and Qualifications: AMSA Qualified Marine Master Expertise and Qualifications: AMSA Qualified Marine Engineer 28 A U S T R A L I A’ S L A R G E S T L I S T E D M A R I N E S O L U T I O N S P R O V I D E R BHAGWAN MARINE Bhagwan supports the offshore energy, subsea, ports & inshore and defence industries. With a proven track record and extensive experience, the Company has built long-standing partnerships with major organisations within the energy, mining, construction and government sectors. Facilities at key marine hubs nationally 29 A large diverse and multi-functional vessel fleet Local crews renowned for operational excellence STRONG OUTLOOK FOR DECOMMISSIONING PROVEN EXPERIENCE STRENGTHENS BHAGWAN’S POSITION IN THIS SECTOR POTENTIAL DECOMMISSIONING PIPELINE NORTHERN TERRITORY AND WESTERN AUSTRALIA 35 6,076 km 483 Platforms Pipelines and Static umbilicals Subsea lifts 11 Floating facilities 120 548 Flexible risers and Dynamic umbilicals Wells to be plugged and abandoned 2,089 km 52 VICTORIA 22 Platforms Pipelines and umbilicals 6 Flexible risers and Dynamic umbilicals Subsea lifts NT WA VIC 460 Wells to be plugged and abandoned Notes: Source: Centre for Decommissioning Australia (CODA) (Advisian study), A Baseline Assessment of Australia’s Offshore Oil and Gas Decommissioning Liability, 2022 30 STRONG OUTLOOK FOR DEFENCE EXPOSURE TO INCREASED GOVERNMENT SPENDING OPPORTUNITIES FOR BHAGWAN’S DIVERSE FLEET THROUGHOUT THE FULL LIFE CYCLE Construction Operations Maintenance Defence infrastructure expansion, submarine maintenance berths, continuous shipbuilding facilities. Support the defence industry with current services i.e. Marine Assets (Barge services, Security Boats, Towing, CTV’s, Subsea). Ongoing infrastructure and asset maintenance. Security HIPPS Wet side security chase boat vessels. The HydroScheme Industry Partnership Program. Government program to engage 3rd party marine service providers to assist with hydrographic surveying. Facility at Henderson Marine Precinct, WA Principal Shipyards and Regional Maintenance Centres Notes: 1. Source: 2024 National Defence Strategy and Integrated Investment Program 31 The rise in Government investment in Defence capability1 LARGE DIVERSE FLEET A C O M P E T I T I V E A D VA N TA G E W H E R E V E S S E L S U P P LY G LO B A L LY I S L I M I T E D Australia’s largest fleet of ~100 inshore and offshore vessels (~70% owned) Broad range of purpose-built vessels and marine assets Offshore Vessels Tug Boats Multicats Unique capability to deliver tailored client solutions quickly and efficiently Vessels offer exceptional reliability and safety standards Utility Vessels 32 Barges Crew Transfer Vessels CREWING A H I G H LY S K I L L E D T E A M W I T H A REPU TAT IO N FO R O PERAT IO N A L EXCELLENCE • Australia’s largest in-house marine crewing provider • Circa 950 marine and 138 corporate team members • Up to 200 qualified divers 1088 C. EMPLOYEES NATION-WIDE Bhagwan crew 33 I N N O VAT I O N INVESTING IN FUTURE TECHNOLOGIES HYBRID-POWERED VESSELS • Cost savings • Increased time on station • Reduced carbon emissions REMOTELY OPERATED VESSELS • Significant cost savings • Reduce offshore crewing requirements • Greater flexibility and ability to substitute larger legacy vessels Bhagwan’s largest and hybrid capable vessel – the ‘Dryden’ 34 I N N OVAT I O N : I N V E ST I N G I N T H E F U T U R E C A S E S T U