Adani Ports Acquires 80% Stake in Astro Offshore for USD 185 Million

Adani Ports and Special Economic Zone (APSEZ) is acquiring 80% of Astro Offshore for USD 185 million. The deal, anticipated to boost value from the first year, strengthens APSEZ’s fleet and expands its customer base in the Arabian Gulf, India, and Far East Asia.

Adani Ports and Special Economic Zone (APSEZ) has sealed a definitive agreement to acquire an 80 per cent stake in Astro Offshore, a prominent global offshore supply vessel (OSV) operator. Announced in a Friday statement, the Adani Group detailed that the acquisition, valued at USD 185 million, is an all-cash deal and is projected to be value accretive from the first year of acquisition.

Astro Offshore, established in 2009, commands a fleet of 26 OSVs including anchor handling tugs (AHTs), flat top barges, multipurpose support vessels (MPSVs), and workboats. With a stronghold in supporting offshore platforms, oil and gas fields, and subsea facilities across the Middle East, India, Far East Asia, and Africa, Astro is poised to bring extensive operational experience to APSEZ.

Ashwani Gupta, Whole-time Director and CEO of APSEZ, emphasized that Astro's acquisition is a strategic move towards positioning APSEZ among the largest marine operators globally. The addition of Astro's 26 OSVs will enhance APSEZ's existing fleet, which currently comprises 142 tugs and dredgers, bringing the total to 168 vessels. Mark Humphreys, Managing Director of Astro Offshore, lauded the partnership for accelerating Astro's growth trajectory. The acquisition is expected to close within a month, contingent upon operational conditions.

(With inputs from agencies.)