Bhagwan Marine Limited ACN 009 154 349 bhagwanmarine.com Annual Report 2026 2 About this Report This Annual Report provides an overview of Bhagwan Marine Limited’s operations and performance for the 2026 financial year (FY26), covering the period from 1 July 2025 to 30 June 2026. Unless otherwise stated: References to ‘Bhagwan’, ‘the Group’, ‘the Company’, ‘we’, ‘us’ or ‘our’ refer to Bhagwan Marine Limited and its controlled entities. References to a ‘year’ relate to the financial year ended 30 June. All dollar figures are expressed in Australian dollars ($) unless otherwise stated. Further Information We welcome questions or feedback about the Company. 2026 Annual Report Please contact us at investor.relations@bhagwanmarine.com 3 BHAGWAN MARINE ANNUAL REPORT 2026 Iron Whistler 35m Tugboat 4 Contents BUSINESS OVERVIEW 6 About Bhagwan Marine 6 Our Diversified Business Model 8 Our Integrated Service Offering 9 In Focus: Riverside Marine Acquisition 10 Nationwide Facilities Providing Local Support 12 Diverse & Multifunctional Vessel Fleet 13 Our Clear Growth Strategy 14 FY26 HIGHLIGHTS 16 Financial Highlights 16 Operational Highlights 18 FY26 Riverside Marine Highlights 20 CHAIRMAN’S ADDRESS 23 BOARD OF DIRECTORS 26 CORPORATE GOVERNANCE & SUSTAINABILITY 28 Sustainability 29 REVIEW OF OPERATIONS 31 Executive Leadership Team 34 OPERATING ENVIRONMENT 37 OUTLOOK & FOCUS AREAS 39 FINANCIAL PERFORMANCE 40 FY26 FINANCIAL REPORT 45 Directors’ Report 46 Remuneration Report 55 Financial Report 71 ADDITIONAL ASX INFORMATION 132 OUR PROUD HISTORY 136 5 BHAGWAN MARINE ANNUAL REPORT 2026 About Bhagwan Marine Bhagwan Marine is Australia’s largest listed marine solutions company, serving the Offshore Energy & Resources, Ports & Inshore and Defence sectors. The Company operates a large multifunctional fleet supporting marine operations nationally. Bhagwan Marine and its 100% owned Riverside Marine and Rivtow operations (‘Bhagwan Group’), are recognised for their strong safety culture and operational excellence in complex marine environments. Long-standing partnerships with major energy and resource companies, construction firms and government agencies reinforce the Bhagwan Group’s reputation as a trusted partner. Bhagwan Marine is one of Australia’s largest in-house marine crewing providers, employing more than 1,000 skilled professionals, including qualified divers. Bhagwan’s locally based crews are recognised for their strong safety culture, operational excellence and ability to deliver high-quality outcomes in complex environments. Founder-led and supported by an experienced Board, Bhagwan Marine maintains a disciplined approach to governance, financial management and sustainable earnings growth for shareholders. Business Overview CMV Athos 6 Established in 2000 Founder-ledmanagementteamwithaproven trackrecordofsafety,operationalexcellenceand disciplinedexecution. Leading Australian marine solutions provider supporting Offshore Energy & Resources, Ports & Inshore and Defence sectors. 18 Facilities Nationally Multiple growth drivers spanning organic growth, strategic acquisitions and adjacent blue-sky markets, including decommissioning, defence and offshore power. Incumbency at key operating hubs, with long-standing customer relationships that generate opportunities for spot and recurring projects. Net Tangible Assets of $0.42 per share Expanding EBITDA margins and a focus on increasing free cash flow. Large multifunctional fleet positioned to benefit from constrained vessel supply, supporting utilisation, pricing and long-term asset values. 56% recurring revenue1 A strong financial platform to drive further organic and acquisitive growth. Diversified revenue streams with an increasing percentage of recurring revenue supported by Riverside Marine acquisition. 1 FY26 Bhagwan Group recurring revenue was spot and contracted revenues greater than one year in duration. 7 BHAGWAN MARINE ANNUAL REPORT 2026 Our Diversified Business Model DELIVERING BESPOKE MARINE SOLUTIONS We’re a leading marine solutions provider operating in diverse markets, including offshore energy & resources, ports & inshore and defence industries nationally. Unrivalled Multifunctional Fleet >70 OWNED VESSELS​ • Dive Support​ • Tugs and AHTS ​ • Utility and Landing Craft​ • Multicats ​ • Barges ​ • Crew Transfer ​ Balanced Sources of Revenue INCREASING RECURRING REVENUE​ • Spot work: <2 weeks​ • Short-term: <12 months​ • Long-term: >12 months​ • FY26 56% Recurring Revenue (spot and long-term) ​ Integrated Service Lines END-TO-END MARINE SOLUTIONS​ • Marine Services​ • Subsea Services ​ • Vessel Charters​ • Project Delivery ​ Diverse Operating Sectors STRONG CORE AND EMERGING MARKETS​ • Offshore Energy and Resources​ • Ports and Inshore​ • Defence 8 Our Integrated Service Offering PRIORITIES BY SECTOR AND SEGMENT Energy & Resources Our purpose-built vessels, subsea systems and experienced dive teams deliver integrated offshore and subsea services across exploration, construction, Inspection, Maintenance and Repair (IMR), decommissioning and the emerging offshore wind sector, underpinned by a strong safety record and extensive offshore expertise. • Decommissioning • <500m Large Vessel Market • Subsea Project Management • Subsea Remote Operated Vessel (ROV) Operations • Operations and Production • Offshore Wind • Offshore Diving Ports & Inshore We provide extensive port and inshore marine services – including harbour towage, vessel handling, mooring, crew transfers and support for wharf and jetty construction. Our proven capability is demonstrated through long-term contracts with the ports of Melbourne and Brisbane. • Port Maintenance and Repair • Harbour Towage • Inshore Diving • Marine Services and Civil Support • Navigational Aid Maintenance • Port Services Ship Agency • Adhoc Port Towage • Coastal Towage • Dredging • Ferry Services Defence We hold security clearances to support both the Australian Defence Force and the United States Department of Defense, with strategically located facilities at key marine precincts and defence bases enabling 24/7 operational readiness. • Henderson AUKUS • Marine Logistics Barge Services to HMAS Sterling • High-Integrity Pressure Protection Systems (HIPPS) • Inshore Diving • Blue Water Shipping • Border Protection • Research John Oxley II 83m Dredging Vessel 9 BHAGWAN MARINE ANNUAL REPORT 2026 In Focus: Riverside Marine Acquisition We completed the acquisition of Riverside Marine on 31 March 2026, significantly increasing our scale and diversification. The acquisition expands our geographic and service footprint, increases recurring contracted revenue, and adds Riverside’s capital-light vessel management model. About Riverside Marine A LEADING AUSTRALIAN MARITIME SERVICES GROUP Founded in Brisbane in 1926 by the Campbell Family, Riverside has built a strong reputation for quality, reliability and operational excellence. The Group specialises in the management and operation of approximately thirty diverse vessels, including nine owned vessels, across its five established brands. Supported by deep industry expertise, Riverside serves a long-standing tier-one customer base in markets with high barriers to entry and significant opportunities for growth. Riverside Marine Structure DIVERSE SERVICE OFFERING ACROSS FIVE ESTABLISHED BUSINESSES RIVERSIDE MANAGED VESSELS RIVERSIDE OWNED VESSELS RIVTOW MARINE Managing essential harbour & towage services for tier 1, long-term customers AIMS1 VESSEL MANAGEMENT Managing dedicated research vessels under long-term government contracts RIVERSIDE INDUSTRIAL SANDS Largest provider of construction sand in Brisbane with high barriers to entry MAGNETIC ISLAND FERRIES Sole provider of essential commercial ferry services linking Townsville and Magnetic Island RIVERSIDE OCEANIC Supplying quality charter vessels across diverse end markets ~30% MANAGED VESSELS – CONTRIBUTION TO FY26 EBITDA2 ~70% OWNED VESSELS – CONTRIBUTION TO FY26 EBITDA2 1 Australian Institute of Marine Science. 2 Please refer to the investor presentation for Riverside Marine acquisition. As released on the ASX on 9 February 2026. 10 Investment Rationale Step-Change Transaction For Bhagwan Riverside is a proven 99-year-old business, founded in 1926 by the Campbell Family Excellent Strategic & Cultural Fit Highly complementary offerings – further diversification by service, geography and commodity Quality-focused, safety-first culture Reinforces Bhagwan’s position as a preferred marine solutions partner Capital Light Business Model Focused on management and operation of vessels rather than ownership Generates additional high-quality revenue with limited capital expenditure High Recurring Annual Revenue Increases Bhagwan’s recurring revenue Strong market position with high barriers to entry Opportunities for revenue synergies High Free Cash Flow2 High EBITDA margin (~40%) Sustaining capex expenditure (30% to 35% of EBITDA) Highly EPS & Return Accretive In FY262 EPS accretion ~14% Return on equity accretion of >20% EBITDA margin increases from 18% to 24% Australian Institute of Marine Science Research Vessel 11 BHAGWAN MARINE ANNUAL REPORT 2026 Our established presence at key Australia ports and marine hubs enables us to provide efficient and timely support to clients. During FY26 the acquisition of Riverside Marine further expanded and diversified this national presence. Nationwide Facilities Providing Local Support PORT HEDLAND GERALDTON HENDERSON POINT SAMSON ONSLOW EXMOUTH DAMPIER Perth Melbourne Darwin BHAGWAN MARINE HEAD OFFICE BHAGWAN MARINE OPERATIONS RIVERSIDE MARINE OPERATIONS 12 GOVE MAGNETIC ISLAND TOWNSVILLE MACKAY GLADSTONE PORT WELSHPOOL PORT ANTHONY Brisbane Multicats Utility & Landing Craft Barges Dive Support Crew Transfer Tugs & AHTS Diverse & Multifunctional Vessel Fleet We operate Australia’s largest vessel fleet, comprising more than 100 inshore and offshore vessels. Our broad range of purpose-built charter vessels and marine assets enables us to deliver tailored solutions that meet specific client requirements. We continue to invest in our fleet, including hybrid power technologies and autonomous vessels. These investments support fleet modernisation and the adoption of technologies that can enhance safety, efficiency and environmental outcomes. 13 BHAGWAN MARINE ANNUAL REPORT 2026 Solid Core Business POWER OF INCUMBANCY • Market-leading position underpinned by the power of incumbency • Large, multifunctional fleet with a broad geographic footprint • Longstanding client relationships generating consistent opportunities • Established presence at key marine hubs generating ~$50m revenue p.a. • Long-term contracts generating ~$70m revenue p.a. Organic Growth LEVERAGE EXISTING OPPORTUNTIES • Deepen client relationships and increase service offering • Expand into adjacent markets and project types • Drive greater utilisation of the enlarged fleet and capabilities • Multiple growth opportunities already available today • Our Clear Growth Strategy COMPELLING OPPORTUNITIES FOR SUSTAINABLE GROWTH Rivtow Marine Pusher Tugs 14 Acquisitive Growth EXPERIENCE AND CAPABILITY • Riverside Marine acquisition demonstrates Bhagwan’s capability to execute strategic M&A • Opportunity to further expand scale, capability and market reach • Disciplined approach focused on strategic and commercial fit Blue Sky EMERGING ADJACENT MARKETS • Significant opportunities across decommissioning, defence and offshore power, providing upside beyond the core investment case • Potential for large, material projects as these markets develop • Early positioning provides a platform to capture future market growth over the medium to longer-term 15 BHAGWAN MARINE ANNUAL REPORT 2026 FY26 Highlights Financial Highlights RESILIENT MARGINS AND STRONG CASH GENERATION EBITDA MARGIN3 20% Up from 18% in FY251 NET REVENUE $235.9m Down 16.6% on FY25 $283.0m1 1 FY25 includes Bhagwan only. 2 Riverside Marine acquisition completed on 31 March 2026 – Riverside Marine FY26 revenue $60.0m. 3 Pro forma EBITDA margin 4 Group pro forma net cash from operations (Bhagwan FY26 and Riverside Marine 4Q FY26) 5 FY25 pro forma cash from operations​ NET CASH FROM OPERATIONS4 $40.0m Up 9.6% on FY25 $36.5m5 FULLY FRANKED TOTAL DIVIDEND 0.8cps FY25 inaugural fully franked dividend of 0.5cps 60% DIVIDEND GROWTH BHAGWAN $220.8m 4Q FY26 RIVERSIDE MARINE $15.1m2 4-YEAR REVENUE CAGR 15% BHAGWAN EBITDA $40.0m3 RIVERSIDE MARINE EBITDA $6.1m 16 Bhagwan subsea diver 17 BHAGWAN MARINE ANNUAL REPORT 2026 Operational Highlights BUILDING ON SOLID BASE FOR LONG-TERM GROWTH Secured a five-year contract with Jadestone Energy for Coral Knight3 Embedded the COO function and strengthened business development capability 1 See announcement Completion of Riverside Marine Acquisition dated 31 March 2026. 2 See announcement Bhagwan Marine Advanced Decommissioning Strategy with Barrow Island Contract dated 24 March 2026. 3 See announcement Award of 5 Year Coral Knight Contract with Jadestone Energy dated 3 December 2025. Additional decommissioning projects2 , initial windfarm survey work and built on existing defence presence. Strategic acquisition of Bhagwan Ocean, enhancing capability to capture high-value marine construction and logistic projects Strengthened financial governance and aligned overheads to enhance resilience, margins and future returns Completed transformational acquisition of Riverside Marine and progressed integration1 18 Bribie Island “Our priorities remain delivering sustainable earnings growth and creating value for our shareholders.” ANTHONY WOOLES - NON-EXECUTIVE CHAIRMAN 19 BHAGWAN MARINE ANNUAL REPORT 2026 FY26 Riverside Marine Highlights SUSTAINED GROWTH AND INTEGRATION ON TRACK WITH INVESTMENT CASE 1 Pro forma adjusted EBITDA • Successful completion on 31 March 2026 • 4Q FY26 revenue up 17% on pcp • 4Q FY26 EBITDA up 30%1 on pcp • Further EBITDA margin expansion • 94% long-term recurring revenue in FY26 • Opportunities for Bhagwan to amplify growth across Riverside Marine 52.0 55.0 60.0 FY24 FY25 FY26 17.9 21.6 24.5 FY24 FY25 FY26 $m $m 40.8% 39.3% 34.4% 52.0 55.0 60.0 FY24 FY25 FY26 17.9 21.6 24.5 FY24 FY25 FY26 $m $m 40.8% 39.3% 34.4% REVENUE PRO FORMA EBITDA EBITDA MARGIN % 20 Rivtow Tug 21 BHAGWAN MARINE ANNUAL REPORT 2026 Kougari 22 FY26 has been an important year for Bhagwan Marine. There was some disruption in the operating environment during the year, particularly in the energy sector. Disruption in the Middle East and organisational restructuring within the sector contributed to the deferral of a number of select short-term projects in the second half. Throughout, we stayed very focused. These were timing effects rather than structural, and an uplift in activity during May and June was evident. The reality is that project activity levels in energy markets can evolve quite quickly. Bhagwan, however, remains a stable, market-leading business that operates day in, day out. Our national footprint and duration of our market incumbency, longstanding client relationships, diverse fleet and experience, provide Bhagwan with a strong core of recurring activity and allow us to respond to opportunities across the country. Resilient Earnings and Strong Cash Generation Against that backdrop, Bhagwan delivered net revenue of $235.9 million in FY26, compared with $283.0 million in FY25. While revenue was impacted by the deferral of short-term projects, earnings remained resilient and overall Group profitability increased, with Riverside Marine making a strong fourth quarter contribution following completion of the acquisition on 31 March 2026. The Group delivered an EBITDA margin of 20% for FY26. Cash generation was also strong, with pro forma net cash from operations of $40.0 million, up 9.6% on FY25. Following the inaugural dividend paid in FY25, the Board was pleased to declare fully franked dividends totalling 0.8 cents per share for FY26, up 60% on the prior year. Safety Remains Fundamental Throughout FY26, our safety performance remained very strong. Bhagwan's LTIFR was 0.77 and TRIFR improved to 6.90 from 8.32 (FY25). That is particularly important given the growth of the business and the expansion of our workforce. It reflects the commitment of our people across the organisation and the professionalism with which they approach their work every day. As Bhagwan continues to grow in scale and complexity, maintaining a strong safety culture and operating discipline will remain fundamental to the way we do business. Building on Strong Foundations Throughout FY26, I was very pleased with the continued progression of Bhagwan as a public company. Internally, there has been an enormous amount of work undertaken to build on our strong foundations and develop the capabilities required of a business of this scale. During the year, Bhagwan strengthened its accounting, human resources, governance and reporting systems, together with its business development capabilities - critical glue that equips the business for a solid future as a market-leading listed company. We have also continued to bring strong commercial discipline to the business, ensuring Bhagwan is efficient, capable and, importantly, match fit for the opportunities ahead. Bhagwan is the largest ASX-listed marine company in Australia, with a leading market position, an extensive geographic footprint and a large, multifunctional fleet. That fleet is a significant strength, particularly in a market where vessel supply remains tight. Its scale and diversity enable us to respond to a broad range of client requirements across Australia and position Bhagwan well in a market characterised by constrained vessel supply. There is also what I describe as the power of incumbency. We are there, in the business, every day. We have long-standing relationships, vessels operating across the country and people who understand their markets and their clients’ operations intimately. Demand for our services arrives daily, courtesy of that incumbency. Riverside Marine - a Transformational Acquisition The acquisition of Riverside Marine’s marine fleet and operations was unquestionably one of the highlights of the year. It is important to understand the Riverside Marine acquisition in the broader context of the progression of Bhagwan. We could not have undertaken a transaction of this significance without the progress we have made as a listed company in developing our capabilities, governance and skills, together with the balance sheet horsepower required to execute an acquisition of this scale. Anthony Wooles Chairman’s Address NON-EXECUTIVE CHAIRMAN 23 BHAGWAN MARINE ANNUAL REPORT 2026 We have remained clear that disciplined M&A would form part of Bhagwan’s growth strategy. The Riverside Marine acquisition demonstrates that we have the capability to deliver on that strategy. Importantly, this was not simply a bolt-on acquisition. We have acquired one of the very best marine businesses in the country, with a long and proud history, high-quality operations and a strong reputation built over many years. We now have access to adjacent marine segments that display great potential for sustained growth. I would particularly like to welcome the Campbell family to Bhagwan as shareholders and the Riverside Marine team to the Group and acknowledge the business they have built together over many years. We have enormous respect for Riverside Marine, its people and its heritage. The integration to date has been progressing very smoothly. There is a strong alignment between the cultures and values of the two organisations. Both businesses have very capable people who are deeply committed to what they do, providing a strong foundation for bringing our businesses together. Focused on Execution and Further Growth Our focus now is firmly on ensuring the Riverside Marine acquisition delivers on its strategic potential. Management will remain highly focused on the integration of Riverside Marine and capturing the operational and commercial benefits available from bringing the two businesses together. There is still plenty of work to be done. The Board will remain closely engaged as the integration progresses, while supporting management in delivering the synergies and opportunities available from the combined business. The Bhagwan Investment Thesis At the foundation is a rock-solid core business. Bhagwan has the power of incumbency, a large multifunctional fleet, a broad geographic footprint and longstanding client relationships that generate opportunities day in, day out. Beyond that, there is organic growth already available to us. There are opportunities to do more with existing clients, grow in adjacent markets and put the capabilities of our enlarged fleet to work across a broader range of projects. We have also now demonstrated our capability for inorganic growth. The Riverside Marine acquisition shows that Bhagwan can identify and execute strategic M&A. We will continue to assess opportunities where they make commercial and strategic sense. Beyond, there is significant blue sky. Decommissioning, defence and offshore power have the potential to become significant emerging industry opportunities for Bhagwan. We need to be disciplined about how we think about the timing of those markets because we do not control the pace of their development. Regulatory processes, client decisions and broader market conditions will ultimately determine when activity accelerates. We have already demonstrated through our involvement in decommissioning how substantial individual projects can become, while defence is presenting increasingly tangible opportunities. Importantly, we do not need those opportunities to underpin the strength of Bhagwan today. They sit above a strong core business, and when those markets develop, we will be well-positioned. Acknowledgements FY26 has been about more than one year’s financial performance. It has been another important step in building on the strong foundations of Bhagwan and developing the capability, discipline and scale of a market-leading public company. That progress is the result of the contribution of many people. I would like to thank Tracey Horton and Andrew Wackett for their counsel, commitment and support throughout the year. I would also like to thank Loui and Kerren for their leadership and significant contribution throughout the year. Their commitment to Bhagwan, its people and success has never wavered. Most importantly, I would like to thank everyone at Bhagwan, including the Riverside Marine team who joined us during the year. Our people operate in demanding environments around Australia every day, and their commitment to safety, our clients and each other is fundamental to the strength of the business. Our priorities remain delivering sustainable earnings growth and creating value for our shareholders. On behalf of the Board, I thank our shareholders for their continued support. Anthony Wooles NON-EXECUTIVE CHAIRMAN CHAIRMAN’S ADDRESS 24 CMV Athos, TVI Project “Bhagwan has the power of incumbency, a large multifunctional fleet, a broad geographic footprint and longstanding client relationships that generate opportunities day in, day out.” ANTHONY WOOLES - NON-EXECUTIVE CHAIRMAN 25 BHAGWAN MARINE ANNUAL REPORT 2026 Bhagwan’s Directors have diverse backgrounds in the marine industry, business management, financial oversight and corporate governance. The Board works closely with the Executive Leadership Team to shape the company’s strategic direction while maintaining effective oversight of governance, performance and risk. Board of Directors Anthony Wooles BCom, MBA (Finance), FAICD, SA FIN NON-EXECUTIVE CHAIRMAN Appointed Non-Executive Chairman on 8 March 2012. KEY EXPERIENCE • Extensive executive and advisory experience across mining, oil and gas, power generation, manufacturing, telecommunications, food and beverages and retail. • Current Chairman of IMDEX Limited and Non-Executive Director of High Peak Royalties Limited. • Fellow of the Australian Institute of Company Directors (AICD). • Holds a Bachelor of Commerce (Economics) and an MBA in Finance from the Wharton School, University of Pennsylvania. STRATEGIC CONTRIBUTION • Broad cross-industry leadership experience and board governance expertise. • Chairs Bhagwan’s Remuneration Committee and is a member of the Audit and Risk Committee. Tracey Horton AO BEc (Hons), MBA, FAICDLife INDEPENDENT NON-EXECUTIVE DIRECTOR Appointed Independent Non-Executive Director on 5 June 2024. KEY EXPERIENCE • Professional director with experience across ASX-listed companies, government and not-for-profit boards. • Current Chair of IDP Education Limited and Non-Executive Director of GPT Group and IMDEX Limited. • Former management consultant with Bain & Company and Poynton and Partners, held senior roles with the Reserve Bank of Australia, and served as Winthrop Professor and Dean of the Business School at the University of Western Australia. • Life Fellow of the Australian Institute of Company Directors (AICD). • Holds a Bachelor of Economics (Hons) from the University of Western Australia and an MBA from Stanford Graduate School of Business. STRATEGIC CONTRIBUTION • Board, governance and risk management expertise, together with experience in consulting, education and public sector leadership. • Chairs Bhagwan’s Audit & Risk Committee and is a member of the Remuneration Committee. 26 Loui Kannikoski Founder MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER Founded Bhagwan Marine in 2000. KEY EXPERIENCE • Began his career in the family cray fishing business and led the enterprise from the mid-1980s. • Expanded the family’s marine operations into the oil and gas sector in 1998 as a marine charter operator before formally establishing Bhagwan Marine. STRATEGIC CONTRIBUTION • Deep knowledge of all aspects of the marine industry, combined with strategic and operational expertise that supports Bhagwan’s performance and growth. Andrew Wackett BCom, FCPA, FFIN, GAICD EXECUTIVE DIRECTOR – FINANCE Joined Bhagwan Marine as Executive Director – Finance on 1 May 2024. KEY EXPERIENCE • Former CFO of Fleetwood Limited, Division Director at Macquarie Securities Group for 20 years, and previously spent six years at Wesfarmers. • Holds a Bachelor of Commerce, is a Fellow of CPA Australia, a Fellow of the Financial Services Institute of Australasia, and a Graduate of the Australian Institute of Company Directors (AICD). STRATEGIC CONTRIBUTION • Extensive experience in investment banking, securities management and finance, with significant commercial experience across large Australian and international listed companies. BOARD OF DIRECTORS 27 BHAGWAN MARINE ANNUAL REPORT 2026 Protecting Our People Our dedication, together with our outstanding performance record of meeting and often exceeding our clients’ strict HSE requirements, has earned us pre-qualification status on several major resource and construction projects. Comprehensive Safety Management System Our Safety Management System is applied across all of our Marine and Subsea operations and complies with the International Maritime Organisation and International Safety Management Code for marine operations. Additionally, our Diving Safety Management System (DSMS) is accepted for Australian State and Federal operations. We ensure all of our crew and specialised Subsea personnel are suitably qualified, experienced and trained in the full implementation of our Safety Management System(s) with a particular focus on the management of risks necessary to conduct safe operations. Vessel Compliance All our vessels hold the requisite Classification Society Certifications and International Maritime Organisation (IMO) Certificates including; • Regular International Marine Contractors Association (IMCA) audits and vessel inspections for registration in the Offshore Vessel Inspection Database (OVID); • Complying with Australian Maritime Safety Authority (AMSA) regulations ensuring safety, environmental protection and seafarer welfare standards are maintained; • Undergoing necessary quarantine inspections and treatments to ensure we comply with Australia’s biosecurity regulations; and • Safety Cases with the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) and the Department of Energy, Mines, Industry Regulation and Safety in Western Australia (DEMIRS) demonstrating thorough understanding of all major accident hazards, and the ability to manage health and safety risks associated within our operations. Corporate Governance & Sustainability Bhagwan Marine’s corporate governance framework supports the delivery of our strategy by providing structure for setting business objectives, monitoring performance, and managing risks. Our framework is designed to align with the ASX Corporate Governance Council’s Principles and Recommendations. Accreditations We’re proud to meet key international standards that reflect our commitment to quality, the environment and keeping our people safe. Our certifications include: ISO 9001:2015 - Quality Management ISO 14001:2015 - Environmental Management ISO 45001:2018 - Occupational Health & Safety Further details are set out in the 2026 Corporate Governance Statement, including Board and Committee Charters and key governance policies, are available on the Company website: www.bhagwanmarine.com/investors/corporate-governance ISO 9001 ISO 14001 ISO 45001 28 Sustainability PROTECTING OUR ENVIRONMENT Environmental Management is a core priority embedded in our business. We proactively monitor and manage risks across the entire lifecycle of our operations. Our ongoing commitment to sustainability drives the continuous review of our practices and business strategy, to adopt innovative technologies and procedures that reduce our environmental footprint. Our robust environmental policies and management systems under