Bhagwan Marine Limited (ASX: BWN) —Building Australia’s Leading Marine Services Company
- Noel Ong
- Jun 25
- 6 min read
Updated: Jul 1
Announcement
From Prospectus to Progress: 🆕 IPO Review
ASX Code: BWN
Listing Date: 30 July 2024
IPO Offer Price: $0.63
Current Share Price (as at June 2025): $0.500
Market Capitalisation: $138.97 million
Industry Group: Transportation
Bhagwan’s Story Since Listing: Delivering the Strategy, Scaling the Growth in the Marine Services.
Bhagwan Marine Limited (ASX: BWN) has emerged as Australia’s largest ASX-listed marine services provider, following its IPO in July 2024. Since debuting on the market, the Company has delivered on its strategy of operational excellence, sustainable growth, and diversification across multiple marine sectors (Figure 1).
With a 23% increase in share price from the IPO price of $0.50 to $0.63 in June 2025, BWN’s strong market showing is underpinned by solid financial and operational performance.
Figure 1: Bhagwan Marine Overview (source: BWN)
The Company’s 1H FY25 results were a clear testament to this momentum. Bhagwan posted a record $154.1 million in revenue, up 41% on 1H24, and Pro Forma EBITDA of $27.3 million, a 32% lift year-on-year (Figure 2). These results were driven by expanded offshore and subsea operations, successful delivery of a landmark decommissioning project, and increased utilisation of their 100-strong fleet.
Figure 2: RECORD REVENUE & EARNINGS-REVENUE UP 41% AND PRO FORMA EBITDA UP 32% ON 1H24 (source: BWN)
What Has Bhagwan Done Since Listing?
Here are some of the standout developments since listing:
Six-Year Contract Extension with Port of Melbourne
In April 2025, Bhagwan secured a major contract renewal with the Port of Melbourne, worth approximately $6 million per annum, extending through to 2030. This long-term relationship, dating back to 2019, reinforces Bhagwan’s market credibility and supports its expansion into emerging sectors, such as offshore wind and oil and gas decommissioning.
Managing Director and Founder, Loui Kannikoski, commented:
“We’re proud to continue supporting the Port of Melbourne in managing its critical marine infrastructure. This extension reflects the capability of our team and operational excellence and the trusted relationship we’ve built over many years.”
Delivered Australia’s Largest Local Decommissioning Project
In 1H25, Bhagwan completed a major offshore oil and gas decommissioning project, the largest of its kind by an Australian-owned company (Figure 3). The project involved nine platforms, over 850,000 LTI-free offshore hours, and a full-service fleet comprising barges, AHTS vessels, and dive teams. It contributed $26.4 million in revenue and $3.9 million in EBITDA to 1H25 results.
Commercial Completion of Large Decommissioning Project in 2025
First offshore decommissioning project for Bhagwan as a Tier 1 provider
Largest Australian decommissioning project completed by a local marine service provider
Practical completion in Q125 with commercial close out in Q225
Figure 3: Largest Australian decommissioning project for Bhagwan (source: BWN)
Strong Performance within Core Business (Figure 4)
Figure 4: Full & Half Year Pro Forma EBITDA Breakdown Summary. Notes: 1. FY22 EBITDA excludes other income of $3.7m from the gain on the sale of vessels.* % of core revenue. Small variances may occur due to rounding (source: BWN)
Acquisition of the Coral Knight
Bhagwan purchased the 60.5m vessel Coral Knight in February 2025 for $13.75 million (Figure 5), enhancing its offshore service capability in WA and NT. The vessel is expected to generate a strong ROCE through multi-year contracts.
Figure 5: THE CORAL KNIGHT (source: BWN)
Innovation and Remote Operations
The company also trialled its first remotely operated inspection vessel, aimed at halving crewing costs and enhancing safety. The vessel entered paid trials with a global energy player and began conversion to hybrid power (Figure 6).
First vessel of this size capable of remote operation in Australia
Vessel significantly enhances safety and reduces operational costs
Commenced paid trial in 2Q25 with a large global energy company
Started conversion of the first vessel – hybrid power
Figure 6: First vessel of this size capable of remote operation with ROV system in Australia (source: BWN)
Use of IPO Funds – Summary (Actual vs Budget)
As outlined in the 1H25 results, Bhagwan Marine has deployed the proceeds from its July 2024 IPO in line with its Prospectus commitments. The capital raised—netting $76.8 million—was primarily allocated to repay external debt, strengthening the balance sheet and significantly reducing net debt from $81.4 million to $11.5 million. This deleveraging has positioned the company to pursue both organic and acquisitive growth.
In addition, targeted capital expenditure was directed towards strategic fleet upgrades, including the $6.7 million dry docking and capability enhancement of its largest vessel, as well as investment in remote operations and hybrid vessel innovation.
Overall, the disciplined capital allocation reflects strong alignment between forecasted and actual use of funds.
Share Price Performance Since Listing
Bhagwan Marine Limited (ASX: BWN) listed on the ASX on 30 July 2024 with an IPO offer price of $0.63. Since then, the share price has travelled a full cycle—from early post-listing gains above $0.60 to a measured retreat during the March quarter. As of June 2025, the stock is trading below its listing price at $0.500, with a market capitalisation of $138.97 million (Figure 7).
While the share price may suggest a flat return on paper, what lies beneath is a business that has materially strengthened its core. Bhagwan has delivered record earnings, secured long-term contracts, and expanded into growth markets such as offshore wind, decommissioning, and defence support. With over 211,000 shares traded today and a tight bid/offer range, BWN remains firmly on investor radars—steadily building momentum for what may be a pivotal FY26.
Figure 7: BWN’s Share price as of 18 June 2025 (source: ASX)
Samso Concluding Comments
Bhagwan Marine has laid a solid foundation since listing, demonstrating what operational strength and strategic foresight can achieve within a short window on the ASX. The business is delivering results, investing in innovation, and securing long-term contracts that support both earnings stability and future expansion. From remote vessel technology to major decommissioning projects and offshore wind support, the Company is positioned at the heart of Australia’s evolving marine infrastructure needs.
For investors, Bhagwan represents a business that is not only growing its top line but also aligning itself with multi-decade trends in energy transition, defence, and marine logistics.
The uptick in share price since its post-listing low is not just a recovery—it’s probably a reflection of value being recognised. As always, Samso encourages readers to follow these stories early, ask the deeper questions, and seek the research.
The Samso Way – Seek the Research
At Samso, we believe that every good investment story starts with doing the groundwork. Bhagwan Marine (ASX: BWN) is a strong example of why investors should look beyond the headlines and into the operational delivery, sector tailwinds, and management strategy. As always, we encourage readers to seek the research because the real value is often found in the details others overlook.
Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity.
Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:
There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals.
Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.
The Samso Philosophy:
Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value.
In Life, there is no such thing as a Free Lunch.
Happy Investing, and the only four-letter word you need to know is DYOR.
To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018.
Disclaimer
The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints.
Share to Grow: Your Bonus
Samso has just released an eBook: How to Add Value to your Share Portfolio
A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.
If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au.
Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.
Comments