Adani expands marine operations with Astro Offshore acquisition

Adani will pay $185m for an 80% stake in Singapore-headquartered, 15-year-old Astro, implying a total valuation of $235m for the business.

Astro offshore is focused on offshore oil and gas and has broad experience in offshore construction and maintenance for offshore platforms. The company had revenues of $95m and EBITDA earnings of $41m in its last fiscal year.

The company owns a fleet of 26 Offshore Support Vessels (OSVs), including Anchor Handling Tugs (AHTs), flat top barges, Multipurpose Support Vessels (MPSVs), and work boats.

“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,” said Ashwani Gupta, CEO of APSEZ. “The acquisition will also give us access to Tier-1 customers while further consolidating our footprint across the Arabian Gulf, the Indian subcontinent, and the Far East.”

Adani Group operate 15 ports and terminals in India with ports and development projects in Sri Lanka, Vietnam, Tanzania, and the contract for the Port of Haifa, Israel.