Adani Ports and Special Economic Zone Ltd (APSEZ) has acquired an 80% stake in Astro, a prominent offshore support vessel operator, for $185 million. This all-cash transaction marks APSEZ’s entry into the offshore oil and gas services sector, significantly expanding its business scope beyond port and logistics operations.
Astro, renowned for its operations across the Middle East, India, Far East Asia, and Africa, boasts a fleet of 26 offshore support vessels. This fleet includes Anchor Handling Tugs, Flat Top Barges, Multipurpose Support Vessels, and workboats, which are essential for offshore exploration, construction, and maintenance of oil and gas platforms. In the fiscal year ending 30 April 2024, Astro reported a revenue of $95 million and an EBITDA of $41 million, and was in a net cash positive position, underscoring its robust financial health.
The acquisition aligns with APSEZ’s strategy to become a leading global marine operator. With this purchase, APSEZ will add 26 offshore support vessels to its existing fleet of 142 tugs and dredgers, bringing the total to 168 vessels. This expansion is expected to enhance APSEZ’s footprint across key maritime regions, including the Arabian Gulf, the Indian subcontinent, and Far East Asia. Ashwani Gupta, Whole-time Director and Chief Executive Officer of APSEZ, highlighted that the acquisition would not only broaden their fleet but also integrate a notable roster of Tier-1 clients like NMDC, McDermott, and Larsen & Toubro. Mark Humphreys, Managing Director of Astro, expressed optimism about the partnership, emphasizing the potential for accelerated growth and enhanced service offerings. The deal, expected to conclude within a month, represents a pivotal expansion into the offshore support sector for APSEZ, promising to deliver comprehensive end-to-end solutions for its growing clientele.
