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 broader 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.
Bhagwan’s Strategic Progress in Decommissioning
In October 2024, Bhagwan successfully completed one of Australia’s largest offshore decommissioning contracts to date – the Thevenard Island (TVI) project in Western Australia. The operation involved approximately 180 offshore personnel and the removal of nine platforms, while safely delivering over 850,000 hours of execution works, demonstrating the Company’s ability to manage complex, large-scale offshore operations safely and efficiently.
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.
Market Outlook for Decommissioning
Based on a recent study published by the Australian Department of Industry, Science & Resources and the Centre of Decommissioning Australia (CODA), Australia is entering a multi-decade, large-scale phase of offshore asset retirement as ageing oil and gas infrastructure reaches end of field life(i). Total decommissioning liabilities are estimated at $60 billion(ii), with the majority of spend concentrated in Western Australia and Gippsland Bass Straight.
Across these regions, offshore infrastructure expected to require decommissioning includes platforms, floating production facilities, pipelines, wells, and associated subsea structures. This represents a significant, long-term, multi-billion-dollar opportunity for marine operators capable of delivering safe, efficient, and compliant removal campaigns(i).
Bhagwan is well positioned to convert early engagement in shallow-water decommissioning into a sustained program of offshore surface and subsea asset removal.
i) Centre of Decommissioning Australia (CODA), CODA Presentation March 2026, Francis Norman, CEO.
ii) Australian Department of Industry, Science & Resources / Xodus Group, Australian Offshore Oil & Gas Decommissioning
Comment from Managing Director
Bhagwan Marine Founder and Managing Director Loui Kannikoski said:
“Over the past years, we’ve been positioning Bhagwan to capture the significant, long-term opportunity emerging in offshore decommissioning across Australia’s Northwest Shelf, Northern Australia basins, and Bass Strait / Gippsland area.
“This latest award reinforces our strategy, demonstrating confidence in our ability to deliver safe, practical, and cost-effective removal solutions in complex nearshore environments. The methodology we are developing for nearshore pipeline removal has the potential to become a repeatable solution across multiple offshore basins and operators.
“As decommissioning programs accelerate over the coming decade, Bhagwan is strongly positioned to leverage its fleet, operational expertise and engineering capability to leverage this multi-billion-dollar opportunity.”
Read the ASX announcement HERE.