TEK-Ocean (ASX: T3K) chairman Brendan Brown joins Small Caps to discuss the company's pursuit of work within the growing offshore decommissioning and renewables markets. The newly listed services provider is currently involved in the $12 billion Star of the South offshore wind farm and a $48 billion oil well remediation both located off Victoria's coast. An estimated $54 billion of decommissioning work is forecast to be required on Australian offshore oil and gas infrastructure over the next three decades due to ageing assets and heightened regulations. TEK-Ocean raised $6.6 million through its recent IPO with funds going towards vessel upgrades and capital equipment purchases to chase opportunities in this target market. Its flagship vessel TEK-Ocean Spirit was recently recertified for another five years and had a new 60t offshore crane installed as part of the planned upgrades.

Article:

https://smallcaps.com.au/tek-ocean-upgrades-vessel-multi-billion-dollar-offshore-energy-projects/

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https://smallcaps.com.au/stocks/T3K/