ONE of Australia’s leading off- and inshore vessel operators and maritime service providers is exploring a stockmarket listing.

Perth-headquartered Bhagwan Marine conducted a non-deal roadshow last month after hiring a broker to make preparations for a $100 million initial public offering by 30 June, according to the Australian Financial Review.

Bhagwan’s majority shareholders, Loui and Kerren Kannikoski, founded the company in 2000 and it has since grown to have over 650 staff and a fleet of more than 150 vessels and marine assets. “We have now become the largest Australian vessel operator in our space, servicing the Oil & Gas, Resources, Civil Construction, Towage, Marine Logistics and Defence industries,” the company website claims.

Bhagwan has bases in Henderson, Dampier, Darwin, Brisbane and Melbourne, from which it operates anchor-handling tug/supply ships, ASD harbour tugs, coastal towage tugs, multicats, dive support vessels, landing craft, flat-top barges, materials handling barges, crane barges, crew transfer vessels and utility vessels.

The AFR report that Bhagwan’s owners have been encouraged by a recovery in demand in the offshore oil & gas sector, which has seen fellow traveller MMA Offshore’s share price double over the last year.

If the IPO is successful Bhagwan would like list with a market capitalisation of $250 million, the paper said.