WFW advises Astro Offshore on sale of 80 per cent stake to APSEZ

Watson Farley & Williams (“WFW”) advised the owners of Astro Offshore (“Astro Offshore”) on the sale of an 80 per cent stake in the business for USD185m to Adani Ports and Special Economic Zone Ltd (“APSEZ”), India’s largest ports and logistics company and part of the Adani Group. The existing shareholders retain 20 per cent. 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 USD235m, enabling it to expand its fleet and increase its competitive edge in the global maritime space.

Founded in 2009, Astro Offshore is a leading 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.

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 added, “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.”