APSEZ acquires 80% stake in Astro Offshore for $185mn

Adani Ports and Special Economic Zone (APSEZ), India’s largest ports and logistics company, has entered into a definitive agreement to acquire 80 percent stake in Astro in an all-cash deal for $185 million, implying an enterprise value of $235 million.

"Incorporated in 2009, Astro is a leading global offshore support vessel (OSV) operator in the Middle East, India, Far East Asia and Africa. Astro owns a fleet of 26 OSVs comprising anchor handling tugs (AHTs), flat top barges, multipurpose support vessels (MPSVs) and workboats and provides vessel management and complementary services," says an official release from APSEZ.

During the year ending April 30, 2024, Astro posted revenue of $95 million and EBITDA of $41 million, and closed the financial year as net cash positive.

Astro has a roster of tier-1 customers including NMDC, McDermott, COOEC, Larsen & Toubro and Saipem, the release added.

“Astro’s acquisition is part of our roadmap to becoming one of the world’s largest marine operators," says Ashwani Gupta, Whole-time Director & CEO, APSEZ. "Astro will add 26 OSVs to our current fleet of 142 tugs and dredgers. 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."

Mark Humphreys, Managing Director, Astro Offshore adds: “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."