Australian marine solutions company Bhagwan Marine Ltd. has been awarded a five-year vessel contract with Jadestone Energy, valued at approximately AU$15 million per year.
The deal will see Bhagwan’s 60.5 metre anchor handling tug supply unit, Coral Knight, continue to support Jadestone Energy’s operations, including cargo and fuel supply, offtake support and rig support services at the Montara Field located offshore Western Australia.
The contract extends the services the vessel has provided since February and will commence immediately.
Bhagwan CEO Loui Kannikoski said the award higlights the company’s steady growth in its core offshore energy business.
“Securing this long-term agreement was a disciplined process involving multiple parties, and throughout it, the Coral Knight continued to achieve high utilisation, reaffirming the strong global demand for this vessel class in a tight market.”
Bhagwan acquired Coral Knight in early 2025 and boosted the company’s capabilities in the Australian offshore sector.
The contract terms are based on industry standards, with no material conditions to be met, and services will commence immediately.
