Ahmedabad (Gujarat) [India], August 30 : Adani Ports and Special Economic Zone (APSEZ) has entered into a definitive agreement to acquire 80 per cent stake in Astro Offshore, the Adani Group company said in a statement on Friday.
Incorporated in 2009, Astro is a leading global offshore supply vessel (OSV) operator in the Middle East, India, Far East Asia, and Africa.
The Adani Group statement said the acquisition was in an all-cash deal for USD 185 million. The transaction is expected to be "value accretive" from the first year itself.
According to the Adani Group statement, Astro owns a fleet of 26 OSVs comprising of anchor handling tugs (AHTs), flat top barges, multipurpose support vessels (MPSVs), and workboats and provides vessel management and complementary services.
"Astro's deep experience in supporting the construction and maintenance of offshore platforms, oil and gas fields, and subsea facilities allows it to deliver cutting-edge services to clients in the offshore exploration and drilling markets," APSEZ said.
Ashwani Gupta, Whole-time Director and CEO, of APSEZ, said Astro's acquisition is part of its 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 Gupta.
Mark Humphreys, Managing Director, Astro Offshore believes that two the entities together will be able to accelerate growth to add further scale and diversity to the fleet, expand the geographical footprint, and deliver more end-to-end solutions to customers.
"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,"
There are no regulatory approvals required and the transaction is expected to close within a month, subject to fulfillment of operational conditions precedent, the Adani Group statement said.
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