Bhagwan Marine (ASX:BWN) forecast significant earnings growth for the first half of fiscal 2025, as well as strong bidding activity, with pro-forma EBITDA expected between $26 million and $28 million. This represents an increase of 26% to 36% compared to $20.6 million in the prior corresponding period.
The company attributes this growth to strong performance across its sectors and the completion of a large-scale oil and gas decommissioning project in Q1FY25.
Bhagwan is one of the largest ship operators and marine service providers in Australia, with a fleet of over 95 units, including dive support vessels, tugs, multi-cats, utility vessels, barges and crew transfer boats .
Decommissioning milestone
Bhagwan Marine completed its largest decommissioning project to date in the first quarter of fiscal year 25. The project involved the dismantling and removal of aging subsea infrastructure from a major oil and gas field in the Northwest Shelf region of Australia. The decommissioning effort, worth more than $100 million, included plugging abandoned wells, removing pipelines and restoring the seabed to comply with stringent environmental regulations.
This complex project required over 800,000 hours of offshore work and involved up to 180 employees.
CEO Loui Kannikoski commented: “This project demonstrates our ability to conduct high-value, environmentally friendly operations. It positions us as a trusted partner for future decommissioning opportunities in the oil and gas sector, as well as emerging sectors such as offshore wind.”
Bhagwan Marine will publish its financial results for the six months ending December 31, 2024 in February.
Shares closed 25.23% higher at $0.695 on Friday.