Adani Ports and Special Economic Zone Ltd. , India's largest integrated transport utility, has announced that its marine platform Astro Offshore has contracted with Oceaneering International Inc., a US-based engineering and applied technology company, to pursue specialised offshore and subsea opportunities in Europe. The agreement, announced on May 12, 2026, marks a significant step in APSEZ's expansion into ultra-deepwater operations and international markets, further supporting its strategy to build one of the world's largest integrated marine platforms. Adding to the momentum, global brokerage Nomura has maintained a Buy rating on Adani Ports with a target price of ₹1,930, citing the Europe subsea expansion as a major boost to the marine business through increased international presence and enhanced operational capabilities.

Analyst View: Nomura's Outlook

Nomura's assessment highlights the strategic importance of the European subsea expansion, anchored by the introduction of the Astro Atlas vessel. The brokerage views the development as a meaningful catalyst for the marine segment, noting that management's FY31 targets appear achievable.

Strategic Significance of the Partnership

The contract combines Astro Offshore's expanding high-specification fleet with Oceaneering's deepwater engineering and remotely operated vehicle (ROV) expertise, enhancing capabilities in complex offshore operations while establishing a presence in the European market. Ashwani Gupta, Whole-time Director and Chief Executive Officer of APSEZ, commented on the development: "This development supports APSEZ's ambition to build a globally diversified marine platform. By combining Astro Offshore's expanding high-specification fleet with Oceaneering's deepwater engineering and ROV expertise, we are enhancing our capabilities in complex offshore operations while expanding into Europe."

Mark Humphreys, CEO of Astro Offshore, added: "The introduction of Astro Atlas significantly enhances our operational capability and underscores our continued investment in a modern, high-spec fleet, particularly in ultra-deepwater environments. As our largest and most capable vessel to date, she enables us to support a broader range of complex offshore operations and respond more effectively to evolving client requirements."

Astro Atlas: Fleet's New Ultra-Deepwater Vessel

Central to this expansion is the addition of Energy Savanah, which is to be renamed Astro Atlas, representing Astro Offshore's first ultra-deepwater vessel. For Astro Offshore, the introduction of Astro Atlas reflects its continued investment in strategically acquiring younger, high-spec vessels with advanced capabilities, strengthening its ambition to operate one of the industry's youngest and smartest fleets. The following table outlines the key specifications of the vessel:

The vessel is designed to support a wide range of offshore operations, including subsea construction, cable laying, and pipeline installation. Its advanced DP2 system and robust design support safe and efficient operations in challenging environments, enabling Astro Offshore to enter the ultra-deepwater segment and access more complex, high-value offshore projects.

Subsea Operations: Scope and Capabilities

Subsea activities involve specialised underwater engineering critical to offshore energy and marine infrastructure projects. Key operational areas supported by this capability include:

• Cable laying and pipeline installation
• Underwater construction
• Inspection, maintenance, and intervention
• Deepwater operations requiring advanced ROV systems

These projects require advanced vessels, ROV systems, and high-end operational capabilities—areas where the Astro Offshore and Oceaneering partnership is positioned to deliver.

APSEZ's Long-Term Marine Platform Ambitions

This development aligns with APSEZ's broader strategy to build one of the world's largest integrated marine platforms spanning logistics, offshore support, underwater engineering, and deepwater infrastructure services. The company's long-term roadmap includes the following targets:

Astro Offshore, headquartered in Dubai, currently operates a growing fleet of over 50 vessels, including MPSVs, diesel-electric PSVs, AHTS, and ballastable barges, with newbuilds joining in the coming months. The company's operations span the Middle East, Africa, and Asia, and this European expansion represents a further extension of its global footprint. APSEZ operates a comprehensive ecosystem of 15 ports and terminals across India's coasts and 4 international ports across Australia, Colombo, Israel, and Tanzania, commanding approximately 27% of India's total port volumes with a current cargo handling capacity of 653 million tonnes per annum. The company also operates a diversified marine fleet of 136 vessels and integrated logistics capabilities including 12 multi-modal logistics parks, 3.1 million sq. ft. of warehouses, and 25,000+ trucks operating on its proprietary platform. Recognised among the Top 5% of global transportation and transportation infrastructure firms in the 2025 S&P Global Corporate Sustainability Assessment (95th percentile globally), APSEZ targets 1 billion tonnes throughput by 2030.

Adani Ports & SEZ has announced a dual change in its senior management, with Pranav Choudhary ceasing as CEO-Ports effective May 31, 2026, and Niraj Bansal being appointed as CEO-Ports effective June 1, 2026. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Leadership Transition

Pranav Choudhary's departure from the role of CEO-Ports is attributed to his decision to pursue career opportunities outside the Adani Group. Niraj Bansal steps into the position on a full-time employment basis. The key details of both changes are outlined below:

Profile of Incoming CEO-Ports

Niraj Bansal brings an extensive background spanning both public service and the private sector. He is a former Indian Revenue Service (IRS) officer with over 27 years of service with the Government of India, having taken voluntary retirement as Commissioner of Income Tax. He subsequently served as Deputy Chairman and Chairman-in-charge of Jawaharlal Nehru Port Trust (JNPT) from 2014 to 2019, during which JNPT achieved record performance, including handling 66 million metric tonnes of cargo in FY 2017-18—the highest since the port's inception.

Bansal joined the Adani Group in October 2022 and has since held senior leadership roles within the organisation. His key positions within the group are summarised below:

Key Takeaways

• Pranav Choudhary ceases as CEO-Ports of Adani Ports & SEZ effective May 31, 2026, to pursue opportunities outside the Adani Group.
• Niraj Bansal is appointed CEO-Ports effective June 1, 2026, on a full-time employment basis.
• Bansal is a former IRS officer with over 27 years of government service and previously served as Chairman-in-charge of JNPT from 2014 to 2019.
• He joined the Adani Group in October 2022 and has served as CEO of Hazira Port and CEO of New Port Project Development, Maharashtra.

The changes were communicated to stock exchanges by Company Secretary Kamlesh Bhagia on May 11, 2026, in compliance with SEBI Listing Regulations.