BWN - Bhagwan Marine

[Dona Ferentes]

Listing date	30 July 2024 #
Contact details	https://www.bhagwanmarine.com/ Ph: +61 8 9424 2300
Principal Activities	Provider of marine services within ports, nearshore, offshore, and sub-sea services.
Issue Price	AUD 0.63
Issue Type	Ordinary Fully Paid Shares
Security code	BWN
Capital to be Raised	$80,000,000
Expected offer close date	04 July 2024
Underwriter	Euroz Hartleys Limited (Underwriter/ Lead Manager)

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A 25-year-old business, it makes the bulk of its sales from offshore services (25 per cent of FY24 revenue), offshore decommissioning (23 per cent), port services (20 per cent), subsea services (16 per cent) and nearshore services. It has a 100-strong fleet of vessels and 1020 employees service clients including oil and gas giants, big miners, construction companies, port authorities and government agencies.

Potential investors were told the fleet has a $105 million book value alone, based on the 70 vessels that Bhagwan owns. It has operating infrastructure at key sites including Melbourne Port, Brisbane Port, Gladstone, Darwin, Gove, Point Samson, Onslow, Dampier, Perth and Henderson – many of them near offshore LNG or proposed offshore wind projects.

but mainly an exercise in getting debt under control. Balance sheet repair.

 

[System]

Bhagwan Marine Limited is a national Australian marine services company that provides a diverse range of marine solutions within ports, nearshore, offshore and subsea locations.

Bhagwan has an extensive marine services offering and services a number of industries such as oil and gas, subsea, port, civil construction, renewables and defence. Bhagwan’s operations are primarily conducted from its major facilities in Dampier, Brisbane, Darwin and Melbourne. These facilities are strategically located close to the assets and operations of the Company’s key clients around Australia.

Bhagwan’s services are applicable to, and provided across, clients in a range of industry sectors as follows:

• Offshore oil and gas industry: This is a major sector for the Company, with Bhagwan providing vessels and services to support exploration, development, and production activities. Bhagwan provides services to offshore oil and gas industry clients across the various project phases typical of an oil and gas project.
• Port operations: Bhagwan provides port services that are important for the safe and efficient operations of a number of Australian ports. These services include harbour towage, survey support, geotechnical support and infrastructure maintenance, with respect to the vessel activity within the ports, and the Company’s logistics activities undertaken from its strategically located facilities close to the waterfront at multiple ports.
• Civil construction: Bhagwan supports various construction activities that have a marine aspect, including the construction of bridges, ports, jetties, and other marine infrastructure. Some of this work includes supporting the mining and resources sector where Bhagwan has been engaged by clients to undertake activities such as transporting equipment by sea to and from remote mining sites.

It is anticipated that BWN will list on the ASX on 30 July 2024.

Bhagwan Marine » Australian Offshore Company » Vessel Operator

Bhagwan Marine is a leading Australian Marine Company & Solutions provider operating in the Oil & Gas, Resources, Civil construction, Marine Logistics & Defence Industries.

www.bhagwanmarine.com

 

[UMike]

Heard some good things about it.
They have flagged a better than expected profit.
On the watch list

 

[UMike]

If you pronounce it as it is written to a Thai person it translates as "sweet mouth"

Seems as good a reason as any at the moment to put hard earned mula on it.

Still looking.....