PERTH-based marine services company, Bhagwan Marine has reported record first half revenue of $154.1 million.
Australia’s biggest Australian Stock Exchange listed marine services company reported to the ASX on 28 February that there was strong demand for services and compelling opportunities for further expansion in new growth sectors.
First half highlights included the successful commercial completion of the biggest oil and gas decommissioning project undertaken by an Australian-owned service provider in 2Q25. The project contributed $26.4 million in revenue and $3.9 million in EBITDA.
Bhagwan began its first commercial contract using a remotely operated vessel for a major global oil and gas client. It also began its first vessel conversion to hybrid power.
The ASX report said the company’s proven decommissioning expertise, mobilised fleet to support offshore wind projects, and positioning for growth within defence and larger vessel markets put it in a good place for expansion.
Financial highlights for the first half included record EBITDA of $27.3 million, up 32% on the first half of 2024; and net cash from operations up 64% on 1H24 of $12.8 million to $21 million. Net debt of $11.5 million was in line with its prospectus.
The report forecast a strong financial year with expansion and diversification opportunities within the larger vessel market in Western Australia.
It said there were increasing enquiries emerging for defence sector services at the Henderson Marine Precinct.
In the Northern Territory there were ongoing contracts with major global energy companies and expansion and diversification opportunities within the larger vessel market.
There was strong demand in Queensland in 2Q25 for maintenance services and civil construction support which was expected to continue in 2H25.
In Victoria there was increasing demand for maintenance services and support at the Port of Melbourne. Additional vessels were also needed to support offshore wind projects in 2H25.
In the subsea sector there was growing demand and diversification opportunities with telecommunications infrastructure projects.
Bhagwan was also enhancing its fleet capabilities, including remote operation technologies and hybrid solutions.
