Bhagwan Marine

What Bhagwan Marine does

Bhagwan Marine Limited (ASX: BWN) is Australia's largest ASX-listed marine solutions provider, operating a diversified fleet of more than 100 purpose-built vessels across AHTS (Anchor Handling Tug Supply), dive support vessels, crew transfer vessels, tugs, landing craft, flat-top barges, and multi-cats. The company serves oil and gas operators, port authorities, resources companies, civil construction and infrastructure developers, renewables projects, and defence clients across all major Australian offshore basins and ports, with operations hubs in Perth, Dampier, Brisbane, Darwin, Melbourne and Henderson. Its core service lines are offshore energy support, port and harbour services, subsea inspection maintenance and repair (IMR), commercial diving, civil construction support, project management and offshore decommissioning, the last of which leverages experience as lead marine and subsea contractor on Australia's largest decommissioning programme (Thevenard Island, nine platforms, 850,000+ man-hours, LTI-free).

Revenue is generated primarily through long-term multi-year vessel charter contracts with major energy operators and port authorities (e.g., five-year Coral Knight at ~AUD $15M p.a. with Jadestone Energy, six-year Port of Melbourne extension at $6M p.a.) supplemented by short-term spot charter work at day rates and project-based decommissioning contracts. Pricing is contract-specific under industry-standard terms and disclosed via ASX announcements. The April 2026 acquisition of Brisbane-based Riverside Marine Holdings added approximately 30 vessels (nine owned) across five established brands, lifting long-term contracted revenue exposure to roughly 60% of group revenue, and is projected to expand FY2026 group EBITDA margins from 18% to 24% with ~14% EPS accretion and >20% ROE. Distribution is exclusively direct-to-enterprise via formal tender processes, with a hybrid ownership and bareboat charter fleet model (notably the five-year Bhagwan Micah SLV from BM Fleet) used to flex capacity without full capital outlay. The company was founded in 2000 by Loui Kannikoski, listed on the ASX in July 2024, and is controlled by the founding Kannikoski family (approximately 30% of the listed entity).

Name

Bhagwan Marine

Legal name

Bhagwan Marine Limited

Website

https://bhagwanmarine.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Bhagwan Marine is Australia's largest ASX-listed marine solutions provider, operating over 100 purpose-built vessels to deliver offshore energy, subsea, port, decommissioning, civil construction and defence services to enterprise clients across Australian waters.

Ownership category

akta.pro rank

Product category

Offshore Marine Services

NAICS

Support Activities for Water Transportation (4883)

SIC

Water Transportation (4400)

akta.pro primary industry

Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters) (EUALABAJ)

akta.pro secondary industries

Offshore Support & Marine Logistics Vessel Operators (PSV/AHTS) (TLADABAL), Underwater Inspection, Maintenance & Repair (UWILD, Diving/ROV, In-water Cleaning) (IMAJAFAJ), Underwater Hull Inspection, Cleaning & Propeller Services (TLAKAKAJ)

Keywords

• Offshore vessel charter
• Marine services Australia
• Harbour towage operations
• Subsea diving support
• Offshore decommissioning services

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain, Others

Revenue model

1. Vessel Charter and Marine Services: Bhagwan Marine earns revenue primarily through chartering its fleet of vessels to oil & gas operators, port authorities, and government clients. Contracts include both long-term (multi-year) arrangements with fixed charter rates and shorter-term spot market work. The Riverside Marine acquisition (FY2026) brought ~88% of its business under long-term contracts, raising Bhagwan's combined long-term contract exposure to approximately 60% of revenue.
2. Offshore Decommissioning Services: Revenue from large-scale offshore platform and infrastructure decommissioning projects, including shallow-water and nearshore removal campaigns. The company completed Australia’s largest offshore decommissioning project (Thevenard Island, 9 platforms, 850,000+ offshore man-hours). Targets the $60 billion Australian offshore decommissioning market.
3. Marine Support Services: Revenue from integrated marine logistics, crew transfer, offtake support, cargo operations, and subsea services delivered across Australia's key offshore basins (North West Shelf, Carnarvon Basin, Timor Sea, Bass Strait). Services billed on day-rate or contract basis.
4. Port and Harbour Services: Revenue from tugboat operations, harbour towage, and port logistics services at major Australian ports including Port of Melbourne (six-year extension, $6M per annum), Dampier, and Port Hedland.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Bhagwan Marine operates a fleet of over 100 purpose-built vessels delivering integrated marine solutions to enterprise clients across Australia. Its core offerings include offshore vessel charter (AHTS, dive support, tugs, crew transfer, landing craft, multi-cats, barges), subsea inspection/maintenance/repair (IMR) and ROV support, commercial diving, harbour towage and port logistics, civil construction support, and specialised offshore decommissioning services. Customers are oil & gas operators, port authorities, mining and resources companies, infrastructure developers, and defence agencies operating in Australian offshore basins and ports.

Product overview

Bhagwan Marine is Australia’s largest ASX-listed marine solutions provider offering an integrated portfolio of marine services and vessel types. The company operates a diverse fleet of over 100 vessels across multiple classes: Anchor Handling Tug Supply (AHTS), Crew Transfer Vessels, Dive Support Vessels (including the flagship Bhagwan Dryden and DP2 Seamaster), Flat Top Barges, Landing Craft (including the newly added Bhagwan Micah), Multi Cats, Tugs (including Bhagwan Renegade), and Utility Vessels. Core service lines include Offshore Energy Services, Port Services, Subsea Services, Commercial Diving, Civil Construction Support, Project Management, and Offshore Decommissioning. The recent acquisition of Riverside Marine Holdings (April 2026) added approximately 30 additional vessels across five brands, strengthening the company’s national footprint. Key vessels include CMV Athos (65m DP2 AHTS), Coral Knight (60.5m AHTS), Bhagwan Micah (38m Stern Landing Vessel), and Bhagwan Dryden (57m DP2 dive support vessel). The company serves Oil & Gas, Resources, Renewables, Civil Construction, Marine Logistics, and Defence industries across Australian waters.

Differentiator

Problem solved

Functional benefit

Products and services

• Offshore Energy Services Comprehensive offshore marine support services for oil and gas and renewable energy operators including anchor handling, towing, platform support, cargo and fuel supply, offtake operations, and supply vessel operations across Australia's North West Shelf, Carnarvon Basin, Timor Sea, and Bass Strait.
• Port Services Harbour towage, ship assist, and escort tugboat operations supporting port logistics, vessel maneuvering, and terminal operations at major Australian ports including Port of Melbourne, Dampier, and Port Hedland.
• Subsea Services Subsea construction, inspection, maintenance and repair (IMR), and ROV support services for offshore energy infrastructure, using purpose-built DSVs such as Bhagwan Dryden (57m DP2) and DP2 Seamaster.
• Commercial Diving Professional commercial diving services for underwater construction, inspection, maintenance, and support operations supporting offshore energy and infrastructure clients.
• Civil Construction Support Marine support for civil construction projects including barge operations, material handling, and nearshore construction support for infrastructure, desalination, and mining projects.
• Project Management End-to-end project management for complex marine operations including logistics coordination, execution planning, and multi-vessel integration for major marine campaigns and decommissioning projects.
• Offshore Decommissioning Specialised decommissioning services for ageing oil and gas infrastructure including platform removal, mooring and navigation buoy removal, and nearshore/shallow-water decommissioning solutions. Includes Australia's largest completed offshore decommissioning project (Thevenard Island, nine platforms, 850,000+ man-hours).

Quantifiable outcome

• ~850,000 offshore man-hours LTI-free on Thevenard Island decommissioning project, removing nine offshore platforms
• +5 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Riverside Marine Holdings Pty LtdcoreStrategic or Co-development Partner · 1 April 2026Bhagwan Marine completed the acquisition of 100% of Riverside Marine Holdings Pty Ltd in April 2026. Founded in Brisbane in 1926 by the Campbell family, Riverside Marine operates approximately 30 diverse vessels (nine owned) across five established brands, providing harbour towage and marine services. The acquisition is expected to be highly accretive to earnings per share by approximately 14% and return on equity exceeding 20% in FY26. Riverside Marine brings ~88% of its business in long-term contracts, with FY26 revenue forecasts of ~$63.3M at 41.3% EBITDA margin. It continues to operate under existing brands with CEO Angus Campbell (founding family) continuing in his role.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Saipem: Large global offshore EPCI and drilling contractor offering integrated engineering, fabrication, and vessel-based services. Comparable broad offshore service portfolio though much larger scale and EPCI-heavy.
• Subsea 7: Global leader in subsea engineering, construction, and SURF vessel operations. Overlaps with Bhagwan's subsea IMR/diving and decommissioning services, particularly in Australia and Asia-Pacific.
• Royal Boskalis Westminster: Global marine services and dredging group active in offshore energy, coastal defence, and infrastructure. Comparable in marine infrastructure, dredging support (e.g., Spoilbank Marina), and offshore decommissioning capabilities.

Direct peers

• Tidewater Inc. Largest global owner and operator of offshore support vessels (AHTS, PSVs) serving the oil & gas industry. Comparable business model of owning diverse vessel fleets chartered to energy operators.
• Solstad Offshore: Norwegian global operator of offshore support vessels (AHTS, PSV, CSV, ROV/SURF). Overlaps with Bhagwan in vessel classes, deepwater/subsea capabilities, and charter-based revenue.
• Vroon Offshore: Netherlands-based operator of offshore support vessels including AHTS and PSVs for the international oil & gas market. Comparable vessel classes and charter-based revenue model.
• Svitzer: Global towage and marine services company (Maersk subsidiary) operating harbour and terminal tugs at major ports. Closely comparable to Bhagwan's Port Services / tug operations at Port of Melbourne, Dampier, and Port Hedland.
• Mermaid Maritime: Asia-Pacific subsea and offshore vessel services company offering ROV, diving, and cable lay support. Highly comparable given shared subsea IMR, diving, and offshore support focus across regional basins.
• DOF Group: Global offshore support and subsea services operator with substantial Australian exposure (AHTS, PSV, DSV, ROV). Closely comparable to Bhagwan Marine in vessel classes, customer base, and offshore energy/subsea service mix.
• Siem Offshore: Norwegian owner/operator of offshore support vessels (AHTS, PSV, subsea construction) on long-term and spot charters. Similar service portfolio to Bhagwan's offshore energy and subsea lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Bhagwan-Marine-201477386643339/?ref=br_rs

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bhagwan Marine