On behalf of the Board, it is my pleasure to invite you to become a shareholder in TEK-Ocean Group
Limited (“TEK-Ocean” or the “Company”).
TEK-Ocean is a leading provider of integrated service solutions for the energy industry, currently
weighted towards the offshore energy market, where TEK-Ocean deploys leading industry expertise
and equipment to provide customers with a range of integrated services from project feasibility, design,
manufacturing, equipment supply, delivery and through field life support.
Founded in 2007, TEK-Ocean is headquartered in Melbourne, with offices and operational facilities
in regional Victoria and Perth, Western Australia. TEK-Ocean currently employs a full-time workforce
averaging 40 personnel and may engage additional casuals, fixed term employees and independent
contractors to service its prevailing projects.
TEK-Ocean seeks to offer exceptional products and a unique “turn-key” value-add and service proposition to its customers, maximising
efficiencies and lowering complexity and operating costs and mission critical timelines. Over the past 13 years, the Company has
continued to grow despite volatility in the energy industry and financial markets.
TEK-Ocean is well positioned to support sectors that are predicted to experience substantial growth in activity. These include the
markets for offshore decommissioning and rehabilitation work and offshore renewable energy projects, of which the Company’s
expertise and experience are highly relevant.
The Company’s business has grown steadily over the past 13 years. At the end of FY20, TEK-Ocean achieved revenue of $23 million.
On Completion of the Offer, the Company’s pro-forma cash balance as at 31 December 2020 is estimated to be $3.2 million and
$6.0 million (at the Minimum Subscription and Maximum Subscription respectively). The funds raised under the Offer are expected
to enable the Company to execute on its business plans, including organic expansion of the existing and currently well identified new
business opportunities as well as new capital investment.
Through this Prospectus, the Company is making an offer to raise up to $8 million (less costs) in new equity capital by inviting investors
to subscribe for up to 16 million Shares at the Offer Price of $0.50 per Share. In addition, this Prospectus includes an offer of up to
110,000 Shares to Eligible Employees, who can each apply for up to 2,000 Shares for nil consideration.
This Prospectus contains detailed information about the Offer, the industries in which the Company and its subsidiaries operate, the
Company’s business and its historical financial performance. In particular, an investment in the Company involves a range of company
specific and industry wide risks, some of which may not be within the Company’s control. The key risks pertaining to an investment
in the Company are discussed in detail in Section 5.
I encourage you to read this Prospectus carefully in its entirety and also seek your own authorised professional advice before making
your investment decision.
On behalf of the Board, I look forward to welcoming you as a Shareholder.