Bhagwan Marine Limited, an Australian marine services company, has announced that it will commence trading on the Australia Securities Exchange (ASX) as it seeks to pursue a number of growth opportunities.
The decision comes following a successful initial public offering of fully paid ordinary shares. The offer comprised the issue new shares by the company to raise $80mn before costs and received strong institutional support.
This will allow the company to strengthen its balance sheet and enable it to pursue a number of prospective opportunities around the oil and gas, offshore wind, infrastructure, defence and decommissioning sectors.
Australian decommissioning in focus
Bhagwan Chairman, Anthony Wooles, commented, “Bhagwan is now entering an exciting new growth phase with the emergence of the oil and gas decommissioning sector, and the future development of the offshore wind energy sector. I am excited about the opportunities and potential for the company to expand into new industry segments. Bhagwan’s strong operational and safety performance, along with its passionate focus on clients, personnel, culture, and service delivery, will continue to benefit the company as we pursue sustainable earnings growth.”
This step is recognised as the next chapter for a company which was founded in 2000 with a single vessel. Now, the fleet has expanded from increasing demand for its services to a diversified fleet of around 100 inshore and offshore vessels. These will certainly be put to use in the next phase of the company’s journey as it looks to take advantage of the emerging markets in Australia.
