Adani takes over Astro Offshore

India’s Adani Ports and Special Economic Zone (APSEZ) has acquired a majority stake in Dubai-based OSV owner Astro Offshore.

The deal worth $185m in cash will see APSEZ control 80% of Astro and a fleet of 26 offshore support vessels, comprising anchor handling tugs, flat top barges, multipurpose support units and workboats.

APSEZ, which currently counts a fleet of 142 tugs and dredgers, said the move on Astro is part of the company’s plans to become one of the world’s largest marine operators, while also adding an impressive line-up of tier-1 customers.

In April 2022, the company also acquired leading compatriot third-party marine services provider Ocean Sparkle Limited (OSL) and its asset base of 94 owned vessels or around $200m.

Astro was set up in 2009 and has a client base that includes NMDC, McDermott, COOEC, Larsen & Toubro and Saipem. The takeover will not require any regulatory approvals and is expected to close within a month.