India’s Adani Ports will deepen its European footprint by building offshore capabilities with U.S. engineering firm Oceaneering International committing $1.36 billion in capital spending through fiscal year 2031.
The country's largest private port operator said it is targeting marine revenue of $627.43 million from the expansion. As part of the planned expansion, its marine services unit Astra Offshore will develop a fleet of 200 vessels with specialized offshore capabilities.
The deal reflects Adani Ports’ strategy to scale up its global footprint and tap rising offshore logistics demand in Europe, as it seeks to diversify beyond its core domestic port business and build a meaningful presence in maritime services.
The move also comes after the ports operator forecast slower core earnings growth in fiscal 2027 due to U.S. tariffs and the Iran war.
The company, part of billionaire Gautam Adani’s conglomerate, had last month outlined capital expenditure of 120 billion to 140 billion rupees for fiscal 2027, while projecting revenue of 430 billion to 450 billion rupees.
(Reuters)