India's Adani Ports acquires 80 per cent stake in global OSV operator Astro Offshore
The Astro Offshore OSV Astro AquilaAstro Offshore

India's Adani Ports acquires 80 per cent stake in global OSV operator Astro Offshore

Published on

Indian port operating company Adani Ports and Special Economic Zone (APSEZ) has entered into a definitive agreement to acquire an 80 per cent stake in Dubai-based Astro Offshore in an all-cash deal for US$185 million.

Incorporated in 2009, Astro is global offshore support vessel (OSV) operator in the Middle East, India, Far East Asia, and Africa. Astro owns a fleet of 26 OSVs including anchor handling tugs (AHTs), flat top barges, multi-purpose support vessels (MPSVs) and workboats in addition to providing vessel management and complementary services.

Astro is also a key player in the offshore construction and fabrication and offshore transportation markets with numerous clients in the oil and gas industry. The company has experience in supporting the construction and maintenance of offshore platforms, oil and gas fields, and subsea facilities, thus allowing it to deliver services to clients in the offshore exploration and drilling markets.

Astro’s vessels also support multiple operations for international dredging companies, including large offshore construction and land reclamation projects.

APSEZ said the company currently boasts a mix of medium- to long-term contracts with customers, which allows it to maintain high fleet utilisation and benefit from increasing charter rates, driven by limited supply of OSV fleet globally.

APSEZ added that there are no regulatory approvals required and the transaction is scheduled to close within a month, subject to fulfilment of operational conditions precedent.

logo
Baird Maritime / Work Boat World
www.bairdmaritime.com