Bhagwan Marine secures $11.6M vessel contract

• Bhagwan Marine has secured a multi-year vessel deployment contract worth up to $11.6 million.
• The contract provides an initial committed value of $5.8 million for the Riverside Guardian vessel.
• The agreement leverages customer relationships following the company's acquisition of Riverside Marine.

Bhagwan Marine (ASX:BWN) has secured a two-year contract with an optional two-year extension from a global Tier 1 energy provider to deploy its Riverside Guardian vessel.

The contract represents a direct revenue synergy following the company's acquisition of Riverside Marine earlier this year.

“The award of this contract is an excellent outcome for Bhagwan Marine and demonstrates the strategic value of the Riverside Marine acquisition,” said Bhagwan Marine Managing Director and CEO Loui Kannikoski.

The deal has a minimum committed value of approximately $.58 million and could reach up to $11.6 million across the full four-year term depending on operational requirements.

The agreement increases fleet utilisation by transitioning the vessel from a local charter role to a multi-year offshore energy assignment.

Following the announcement, the Bhagwan Marine share price was unchanged at $0.30.

The company stated that its broader growth strategy relies on embedding the Riverside Marine operations and expanding into adjacent sectors.

The business previously completed the takeover of Riverside Marine to expand its fleet capacity and increase overall contract volume.