Watson Farley & Williams (WFW) advised the owners of Astro Offshore (Astro Offshore) on the sale of an 80% stake in the business for US$185 million to Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest ports and logistics company and part of the Adani Group.
Core transaction
The existing shareholders retain 20%. With the core transaction documents successfully signed, the deal is expected to close shortly. This all-cash deal gives Astro Offshore an enterprise value of US$235 million, enabling it to expand its fleet and increase its competitive edge in the global maritime space.
Astro Offshore
Astro Offshore garnered an impressive roster of Tier-1 customers spanning the EPC, oil and gas
Founded in 2009, Astro Offshore is a global offshore services provider in the Arabian Gulf and Indian subcontinent. With a modern fleet of 26 offshore support vessels (OSV), it has garnered an impressive roster of Tier-1 customers spanning the EPC, oil and gas, and renewables sectors.
The cross-border WFW Maritime team that advised Astro Offshore was led by Assets and Structured Finance Partner - Michael Savva and Corporate Partner - Alastair Holland in Dubai.
London Corporate Senior Associate - David Bath and Dubai Corporate Associate - Samaa Abdalla provided transaction support, with WFW’s Formal Law Alliance partner in Singapore - Wong Tan & Molly Lim LLC advising on matters of local law.
Offshore marine services
Michael Savva commented, "We are delighted to have advised Astro Offshore on this landmark transaction which reinforces their standing at the forefront of the offshore marine services sector in the GCC region. It was a pleasure to work alongside Astro Offshore and Adani’s teams to ensure this deal’s successful signing. Congratulations to everyone involved."
Astro Offshore Managing Director - Mark Humphreys, said, "Partnering with APSEZ represents a real milestone in the ongoing expansion of our fleet and geographic reach. We are grateful for WFW’s dedicated support throughout the entire deal process."
