Bhagwan Marine (ASX:BWN) forecasts strong revenue growth and increased bidding activity in the first half of FY25, with pro forma EBITDA expected to reach $26 million to $28 million. This represents an increase of 26% to 36% compared to $20.6 million in the prior year period.

The company attributed this growth to strong performance across its divisions and the completion of a major oil and gas decommissioning project in the first quarter of FY25.

Bhagwan is one of Australia’s largest vessel operators and service providers, with a fleet of over 95 vessels including dive support vessels, tugs, multi-cats, utility vessels, barges and crew transport boats.

Decommissioning milestones

Bhagwan Marine completed its largest decommissioning project to date in the first quarter of 2025. The project involved the demolition and removal of aging subsea infrastructure from major oil and gas fields in Australia’s North West Shelf region. The decommissioning effort was worth more than $100 million and included plugging abandoned wells, removing pipelines, and restoring the seabed to comply with strict environmental regulations.

This complex project required over 800,000 offshore hours and involved up to 180 people.

Louis Kanniski, Managing Director, commented: This positions us as a trusted partner for future decommissioning opportunities in emerging industries such as oil and gas and even offshore wind. ”

Bhagwan Marin is scheduled to announce its financial results for the six months ending December 31, 2024 in February.

The stock closed 25.23% higher at $0.695 on Friday.