Astro, a leading offshore support vessel operator, operates in regions including the Middle East, India, Far East Asia, and Africa. The company owns a fleet of 26 vessels, including Anchor Handling Tugs, Flat Top Barges, Multipurpose Support Vessels, and workboats. According to a statement from APSEZ Ltd, Astro also offers vessel management and complementary services. Offshore support vessels play a crucial role in the exploration and exploitation of oil, gas, and minerals in offshore zones. They also provide support services, such as assisting in the construction and maintenance of offshore platforms, oil and gas fields, and subsea facilities. The statement further disclosed that for the year ending 30th April 2024, Astro reported $95 million in revenue and $41 million in EBITDA (earnings before interest, tax, depreciation, and amortisation). As of 30th April 2024, Astro was net cash positive. Astro?s Tier-1 customers reportedly include NMDC, McDermott, COOEC, Larsen & Toubro, and Saipem, positioning the company as a key player in the offshore construction, fabrication, and transportation markets. The entire transaction is expected to be finalised within a month. Ashwani Gupta, Whole-time Director and Chief Executive Officer of APSEZ, mentioned that the acquisition of Astro is part of APSEZ's plan to become one of the world?s largest marine operators. Gupta noted that Astro's 26 offshore support vessels would add to APSEZ's existing fleet of 142 tugs and dredgers, bringing the total to 168. He also highlighted that the acquisition would provide access to an impressive roster of Tier-1 customers and further consolidate APSEZ's presence across the Arabian Gulf, the Indian subcontinent, and Far East Asia. Gupta expressed eagerness to work closely with Astro?s leadership team to scale up the current platform. Astro?s business model reportedly leverages a mix of medium to long-term contracts with customers, enabling the company to maintain high fleet utilisation and benefit from increasing charter rates due to the limited global supply of offshore support vessels.

Mark Humphreys, Managing Director of Astro Offshore, remarked that the partnership with APSEZ represents a significant turning point for the company. He expressed optimism that together, they could accelerate growth, add further scale and diversity to their fleet, expand their geographical footprint, and deliver more end-to-end solutions to their customers.