ASX-listed Bhagwan Marine Limited has stepped up its position to support Australia’s offshore industries, including involvement in the decommissioning effort, with the acquisition of rival firm Riverside Marine.
The Australian marine solutions company announced the acquisition recently, unveiling the transaction terms on a debt-free cash free basis with a normal level of working capital, for an enterprise value of up to US$130mn.
“This significant acquisition represents a step-change in scale and scope for Bhagwan, strengthening the company’s position as a preferred marine solutions partner,” it stated in a release to the ASX.
Founded in Brisbane in 1926 by the Campbell family, Riverside specialises in the management and operation of approximately 30 diverse vessels, including nine owned vessels, across five established brands.
The Riverside group has long-standing clients within the industrial resources, scientific research, transport and logistics sectors.
Riverside is forecasting FY26 revenue of $63mn and EBITDA of US$26mn, the ASX statement added.
Announcing the strategic rationale behind the deal, Bhagwan Marine cited a strong alignment and highly complementary service offerings.
“The acquisition brings together two founder-led businesses with a strong strategic fit, complementary services and a commitment to operational excellence,” a Bhagwan Marine media statement added.
The acquisition also further diversifies Bhagwan Marine’s offer across services, including third-party vessel operations, harbour tugs, sand dredging and commercial ferries, and across commodities, including iron ore, metallurgical coal and industrial sand.
It also boosts geographic spread with an established presence in North Queensland, and additional operations in Mackay and the Pilbara.
Bhagwan Marine added that the deal increases its recurring revenue base from around 40% to around 50%, supported by long-term contracts and high barriers to entry.
The company recently christened its newest vessel, 'Bhagwan Micah' at its Brisbane operational base, which could play a key role in the nation’s decommissioning drive, highlighting that it is purpose-built for the energy transition and critical infrastructure sectors.
