Leading Australian marine solutions company, Bhagwan Marine Limited (ASX: BWN) (Bhagwan or the Company), is pleased to announce it has been awarded a strategic contract from a major oil & gas client for the removal of oil tanker moorings and navigation buoys at Barrow Island, Western Australia. The contract represents an important entry point into a broader offshore decommissioning program associated with legacy infrastructure in the region.
The scope for the removal of oil tanker moorings and navigation buoys provides Bhagwan with the opportunity to showcase its proven capability, positioning the Company strongly as operators progress subsea and shallow – water decommissioning programs.
The removal methodology being developed has the potential to establish a repeatable solution for the broader nearshore and shallow – water decommissioning infrastructure. Major offshore oil and gas operators have similar legacy infrastructure profiles requiring removal.
Since commercial completion of the TVI project, Bhagwan has continued to build its decommissioning track record through additional support contracts, including Northern Endeavour operations in the Timor Sea together with the Harriet Alpha platform and the Angel platform, both in offshore Western Australia.
As set out in Bhagwan’s Prospectus, decommissioning is expected to become an increasingly important component of Bhagwan’s business.
Bhagwan Marine Founder and Managing Director Loui Kannikoski said: “Over recent years, we have positioned Bhagwan to capture the long – term opportunity emerging in offshore decommissioning across Australia’s Northwest Shelf, Northern Australia basins and the Bass Strait region. This award reinforces that strategy and reflects confidence in our ability to deliver safe, practical and cost – effective solutions in complex environments.”
