India’s Adani Ports said on Tuesday it will deepen its European footprint by building offshore capabilities with US 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 INR60 billion ($627.43 million) from the expansion.
As part of the planned expansion, its marine services unit Astro Offshore will develop a fleet of 200 vessels with specialised 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 US tariffs and the Iran war.
The company, part of billionaire Gautam Adani’s conglomerate, had last month outlined capital expenditure of INR120 billion to INR140 billion for fiscal 2027, while projecting revenue of INR430 billion to INR450 billion.
(Reporting by Kashish Tandon in Bengaluru; Editing by Sonia Cheema)
