Bhagwan looks across the waves

Developing markets in Mozambique, Russia and Papua New Guinea are the new targets for local marine services player Bhagwan Marine.

The 2013 Rising Star winner developed the diversification strategy as energy projects move from construction to production in the north-west.

Mozambique and Papua New Guinea in particular are becoming hubs of interest for new LNG projects, with Mozambique tipped to receive around $US30 billion of LNG investment from global energy businesses such as ENI and PTTEP.

Exports are expected to start in 2018.

Bhagwan managing director Loui Kannikoski said companies in the industry would need to adapt their business models accordingly.

“We have recently right sized and reshaped our Australian business to adapt to the changing environment, as a number of our vessels come off charter in the North West Shelf region,” he said.

But he said there was still work out there for companies that remained competitive in that market.

“We have recently signed vessel contracts with Apache Energy, Woodside and BHP,” Mr Kannikoski said.

Earlier this year, Bhagwan announced it would launch its own subsea division, while last year it acquired Marine Towage Systems, a UK-based business.

Other marine services companies have also looked overseas for work, including MMA Offshore.