- TEK-Ocean Group (T3K) has listed on the ASX after successfully raising $6.6 million via an initial public offering
- The newly listed business provides engineering, subsea, marine, logistics, consultancy and specialist oil and gas services
- It’s planning to focus in on offering de-commissioning and rehabilitation services for late-stage energy projects
- TEK-Ocean listed today with a market cap of $18 million, with shares trading at 50 cents per share
- Shares in T3K are trading steady at 50 cents each at 10:40 am AEST
TEK-Ocean Group (T3K) has listed on the ASX after successfully raising $6.6 million via an initial public offering.
The company went live on the stock exchange on Thursday morning after closing its IPO last month.
Under the offer, T3K offered investors up to 16.1 million shares at 50 cents each, giving it an initial market cap of $18 million.
The newly listed business was established more than a decade ago and provides engineering, subsea, marine, logistics, consultancy and specialist oil and gas services.
It’s headquartered in Melbourne and has offices and operational facilities across regional Victoria and Perth. Its employees number more than 40 across is operations.
Post-listing, TEK-Ocean plans to focus in on de-commissioning and rehabilitation services for late-stage energy projects going forward.
The company said a recent report estimated $52 billion worth of decommissioning of oil and gas rigs would need to be carried out in the coming years.
Additionally, T3K is planning to begin servicing the renewable energy sector alongside traditional energy players, such as oil and gas.
Commenting on the listing, Non-Executive Chairman Brendan Brown said TEK-Ocean was well-placed to capitalise on the growing need for decommissioning and renewables.
“Today is a significant milestone and we are extremely pleased to now be listed as a publicly traded Australian company,” Mr Brown said.
“We look forward to growing our business further in the areas of the decommissioning and rehabilitation of legacy offshore energy projects in Australasia, as well as the emerging offshore renewable energy market in Australia.
“We will continue to provide our clients with support throughout their project life cycle including engineering, subsea, marine, logistics, consultancy and specialist energy services for both offshore and onshore projects.”
Shares in T3K Ocean were trading steady at 50 cents each at 10:40 am AEST.