| 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.
