Adani Ports and SEZ Acquires 80% Stake in Astro For $185 Million APSEZ enters into a definitive agreement to acquire 80 per cent stake in Astro Offshore group (Astro) in an all-cash deal for $185 million, implying an estimated value of $235 million
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Adani Ports and Special Economic Zone Ltd (APSEZ) has acquired an 80 per cent stake in Astro, a global offshore support vessel (OSV) operator, in a deal worth $185 million. This acquisition values Astro at approximately $235 million, as per a media release. Established in 2009, Astro operates a fleet of 26 OSVs, including anchor handling tugs (AHTs), flat-top barges, multipurpose support vessels (MPSVs), and workboats. Astro's services include vessel management and a range of complementary offerings. In the fiscal year ending April 30, 2024, Astro generated $95 million in revenue and $41 million in EBITDA, finishing the period with a net cash positive position.
"Astro's acquisition is part of our roadmap to becoming one of the world's largest marine operators. Astro will add 26 OSVs to our current fleet of 142 tugs and dredgers, taking the total count to 168. The acquisition will also give us access to an impressive roster of Tier-1 customers while further consolidating our footprint across the Arabian Gulf, the Indian subcontinent and far East Asia. We look forward to working closely with Astro's leadership team and scaling up the current platform," said Ashwani Gupta, whole-time director & CEO, APSEZ.
Astro's pre-qualification with major global EPC contractors, along with its capability to deliver a diverse range of ocean-going vessels, has solidified its position in the oil and gas industry. The company's expertise extends to supporting the construction and maintenance of offshore platforms, oil and gas fields and subsea facilities, offering cutting-edge services to clients in offshore exploration and drilling.
Mark Humphreys, managing director, Astro Offshore commented, "Over the past 15 years, we have created an impressive company trajectory, driven by strategic investments in our OSV fleet and deep relationships with our customers. This partnership with APSEZ represents a critical inflection point for us. Together, we can accelerate growth to add further scale and diversity to our fleet mix, expand our geographical footprint and deliver more end-to-end solutions to our customers,"
Astro also plays a significant role in international dredging projects, supporting large-scale offshore construction and land reclamation. Its strategic mix of medium to long-term contracts ensures high fleet utilisation and capitalises on rising charter rates amidst a limited global OSV supply.
