Adani Ports to buy 80% stake in Astro Offshore, deal done for $185 million – Adani Ports acquires 80 percent stake in global OSV operator Astro Offshore for $185 million

Adani Ports and Special Economic Zone Limited (APSEZ) is now preparing to buy 80 percent stake in global offshore service vehicle operator Astro. According to the company’s press release, this deal can be done in cash for $ 185 million. Astro’s operations are spread across the Middle East, India, East Asia and Africa. The company has 26 OSVs, which include anchor handling tugs (AHTs), flat top barges, multipurpose support vessels (MPSVs) and workboats. Apart from this, Astro also provides vessel management and other services.

APSEZ CEO and Wholetime Director Ashwani Gupta said, “The acquisition of Astro is part of our agenda to become a major marine operator in the world. Astro’s 26 offshore service vehicles (OSVs) will be added to our fleet, while we already have 142 tugs and dredgers and the total number of such equipment will be 168. This acquisition will strengthen our reach in Arab countries, Indian subcontinent and East Asian countries. In the coming time, we will work closely with Astro’s leadership team and take the existing platform forward.”

Astro’s Tier-1 customers include NMDC, McDermott, COOEC, Larsen & Toubro and Saipem. Mark Humphreys, Managing Director, Astro Offshore, said, “Over the past 15 years, we have built an excellent foundation for the company. We have made strategic investments in our OSV fleet and have developed strong relationships with our customers. Partnering with APSEZ is a significant milestone for us. Together, we can drive growth and provide better services to our customers.”

Astro’s revenue was $95 million and EBITDA was $41 million for the year ended April 2024. APSEZ shares closed at Rs 1,481.90, up 0.40 per cent on the National Stock Exchange (NSE).