Bhagwan expands fleet

Marine services company Bhagwan Marine has expanded its fleet with the purchase of two specialist vessels that are larger than others in its current fleet.

The private equity-backed company said the two dynamic positioning (DP2) vessels combined enhanced capabilities with improved efficiency, safety and manoeuvrability.

The CMV Athos is a 65 metre Anchor Handling Tug Supply (AHTS) vessel, while the DP2 SeaMaster is a 40 metre catamaran ideal for in-field maintenance and repair duties

Both vessels have been immediately deployed into term charters with Vermilion Oil & Gas Australia and Jadestone Energy and serviced other clients including Santos in the ad-hoc market.

Managing director Loui Kannikoski said the move into larger vessels had been on the cards for some time as it was a natural progression.

He added the decision to augment the company’s expanding fleet with these two particular DP2 vessels had grown directly out of moving the company’s head office to central Perth.

“We’re talking to our clients every day now, and getting an even greater understanding of their needs,” Mr Kannikoski said.

“We listened when they told us what they need, and we went out and got it.

“And that’s the way we intend to operate – in close consultation with the industries we service.”  

The acquisitions follow the recent appointment of experienced industry executive Peter Bengtsson as chief operating officer.

Mr Kannikoski said more announcements are likely as Bhagwan continues to expand.

“Our capacity, our fleet and our expertise get stronger all the time,” he said.

“Bhagwan Marine is here for the long haul.”

The two acquisitions come at a time when the oil & gas sector is slowly emerging from several years of downturn, which has affected all businesses servicing the industry.

These include ASX-listed MMA Offshore, which has sold 35 vessels since 2016 for a total of $94 million (along with several other assets) and has three more vessels up for sale.

MMA has retained a core fleet of 28 vessels