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T3K - TEK-Ocean Group

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TEK-Ocean is a leading provider of integrated service solutions for the energy industry, currently weighted towards the offshore energy market, where TEK-Ocean deploys leading industry expertise and equipment to provide customers with a range of integrated services from project feasibility, design, manufacturing, equipment supply, delivery and through field life support.

Founded in 2007, TEK-Ocean is headquartered in Melbourne, with offices and operational facilities in regional Victoria and Perth, Western Australia. TEK-Ocean currently employs a full-time workforce averaging 40 personnel and may engage additional casuals, fixed term employees and independent contractors to service its prevailing projects.

It is anticipated that T3K will list on the ASX during September 2021.

TEK-Ocean Energy Services - Home

tek-ocean.com.au tek-ocean.com.au
 
Listing date02 September 2021 11:00AM AEST ##
Company contact detailshttps://tek-ocean.com.au/
Ph: +61 3 8787 0800
Principal ActivitiesProviding end-to-end service solutions for the energy industry.
GICS industry groupTBA
Issue Price$0.50
Issue TypeOrdinary Fully Paid Shares
Security codeT3K
Capital to be Raised$8,000,000
Expected offer close date09 August 2021
UnderwriterNot underwritten. Sanlam Private Wealth Pty Ltd (Lead Manager)

....... now, this is one that would have to trade on a low PE ?
 
And a nice slide down to 32 cents. Really don't like EBITDA being quoted for this company in their investor presentations. Depreciation and capex is going to be pretty large for an offshore vessel/service provider and be choppy in timing.

At sept 30th they are down to 3.2 million cash, they raised 6.6 and effectively had nothing at June 30th. Need to have a good half result otherwise I can't see this getting any higher. If I were to put money in this sector I'd still go with MRM simply due to the saleable assets they have (although I think the carrying value is suspect). But even then the history in this sector is pretty awful.
 
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