David Macgeorge
MD & Director

Thank you very much, and welcome, everyone, to the call today. I appreciate people bringing in to discuss the acquisition of TAMS today. It’s a really exciting day for us as a business. I know there will be a number of TAMS people on this call today and really looking forward to you joining the SRG Global family and really excited about the future ahead.

So who are TAMS, let’s start on Slide 1 with a bit of an overview of TAMS. The business, they’re end-to-end diversified marine infrastructure services business with full self-perform capability. They’ve been around for more than 25 years, 500 people, 6 strategic shore bases and revenues of circa $200 million, EBITDA of $35 million and EBIT of $30 million. I think most importantly, 90% of that revenue is from multiyear term contracts and clients come with $600 million work in hand, a $3 billion opportunity pipeline. A terrific management team have all come with the deal with a long track record and industry experience and underpinned by a business that’s very capital light with CapEx circa 2% to 3% of revenue.

If we move to Slide 2, which is the overview of the acquisition itself. Firstly, starting with the transaction details. It’s an $85 million acquisition on a cash-free, debt-free basis. That’s an implied acquisition multiple of 2.7x EBITDA and 3.2x EBIT. TAMS is expected to deliver circa $200 million on a pro forma basis in FY ’26. It’s important to note that, that is on a full 12-month basis. We’ll only have TAMS for 8 months of this year as it concludes on the 31st of October.