Let's run some numbers here just to get a feel of what FY24 is...

Let's run some numbers here just to get a feel of what FY24 is shaping up as...

At FY22 the pipeline was comprised of $380m bid to bid and $85m bid to contract. In 1H23 they were awarded $76m in contracts and the pipeline grew to $450m bid to bid and $90m bid to contract. There are only two competitors in this space globally so a high win rate is kind of expected. As per this announcement there is approximately $50m already contracted to FY24. This is the only contract announced since the HY results, but there remains $90m of bids outstanding. Given the industry dynamics, and the cap raise earlier to support increased activity, I think we are now at the point where the next few months should see some pretty chunky contract wins start to flow through.

I'm hoping by Christmas they have ~$80m-$90m in contracted work with a pipeline that remains more or less where it is now. Everyone else in the offshore industry is reporting significant increases in business.