Bhagwan's foresight to acquire UK business Marine Towage Services last year has gifted the Geraldton company the ability to deploy vessels to other regions, mainly the UK Continental Shelf at the moment, but Energy News understands other contracts in other regions are soon to be announced.

Amid concerns about ageing infrastructure and majors culling staff in the UK Continental Shelf, Bhagwan's new UK focus suggests there may be life in the North Sea yet.

Wood Mackenzie analysis last month forecast a drop in costs of between 10% and 20% by next year.

The UK's Conservative government also just introduced an Energy Bill to give new powers to the Oil and Gas Authority to boost the economic recovery of hydrocarbons from the UK Continental Shelf.

Bhagwan Marine managing director Loui Kannikoski told Energy News that while the company had not been immune to falling oil prices, there were still opportunities for those who could roll with the punches.

"When oil and gas companies shelve projects and cut back on exploration activities, there is an obvious flow-on effect to service companies like ourselves," he said.

"However, there is still work out there for those that adapt well - and we have signed a number of new long-term agreements recently.

"I certainly don't have a crystal ball when it comes to predicting oil price movements but we are just trying to work smart and place our assets and people in areas where we believe they can be best utilised.

"It's been nice to have been part of so much construction work in our own backyard in Australia, however that was never going to continue forever.

"We have been expanding into other key markets for some time now to ensure our business as a whole continues to flourish."

Bhagwan recently "right-sized" and reshaped its Australian business to adapt to the changing environment as a number of its vessels came off charter in the North West Shelf region.

That said, the company recently signed vessel contracts with Apache Energy, Woodside and BHP.

"Right sizing and reshaping our business mainly involved reducing overheads and re-allocating some of our resources and manpower to different geographical regions where the work is," Kannikoski said.

In the short to medium-term, he said he saw Bhagwan progressing through a more diverse service offering - including subsea services - across a wider range of geographical areas.