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Australian OSV operator and services provider Bhagwan Marine has marked its debut as a public company.
The Perth-headquartered outfit led by Loui Kannikoski has started trading on the Australian Securities Exchange (ASX) following an initial public offering of shares.
Bhagwan raised $80m at $0.63 per share, with the money to be used to bolster the company’s balance sheet and to pursue growth opportunities within the oil and gas, offshore wind, decommissioning, infrastructure, and defence sectors.
The company, set up in 2000 by the Kannikoski family in Geraldton, Western Australia, operates around 100 inshore and offshore vessels. The family has retained just over 40% of the company following the float.
“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,” said Anthony Wooles, chairman of the Bhagwan board, which was recently boosted by Tracey Horton and Andrew Wackett.
Bhagwan’s entry on the ASX trading boards follows the exit of another Perth-based OSV operator, MMA Offshore, after its $702m takeover by Singapore-based Cyan Renewables. |
