In a significant move to bolster its global marine operations, Adani Ports and Special Economic Zone (APSEZ) has announced the acquisition of an 80% stake in Astro Offshore, a prominent offshore support vessel (OSV) operator.
The all-cash transaction, valued at $185 million, marks a crucial step in APSEZ’s strategic roadmap to becoming one of the world’s leading marine operators.
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Astro Offshore, known for its strong presence across the Middle East, India, Far-East Asia, and Africa, operates a fleet of 26 offshore support vessels.
These include anchor handling tugs (AHTs), multipurpose support vessels (MPSVs), and workboats, all of which will now complement Adani Ports’ existing fleet of 142 tugs and dredgers, bringing the total fleet size to 168 vessels.
Meanwhile, the acquisition, which implies an enterprise value of $235 million, is likely to be immediately accretive, with positive financial contributions anticipated from the first year of integration.
Ashwani Gupta, Whole-Time Director and CEO of APSEZ, highlighted that this deal not only expands their fleet but also enhances their customer base with the inclusion of Tier-1 clients, further solidifying their presence in key regions like the Arabian Gulf and Far East Asia.
Astro Offshore has established itself as a leader in the OSV market over the past 15 years, driven by strategic fleet investments and robust customer relationships.
Mark Humphreys, Managing Director of Astro Offshore, emphasized that this partnership with Adani Ports represents a pivotal moment for the company, enabling it to scale operations, diversify its fleet, and expand its geographical reach.
The acquisition, which does not require any regulatory approvals, is likely to be finalized within the next month.
With this strategic addition, Adani Ports however continues to strengthen its position as India’s largest port developer and operator, with a network of 15 ports and terminals strategically located across both the west and east coasts of the country.
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