Quick Note - Adani Port & SEZ (ADSEZ IN) (Buy) - Subsea foray in Europe to bolster marine business

Research evidence excerpt

Quick Note - Adani Port & SEZ (ADSEZ IN) (Buy) - Subsea foray in Europe to bolster marine business

Global Markets Research

Adani Port & SEZ APSE.NS ADSEZ IN 12 May 2026

EQUITY: TRANSPORT/LOGISTICS

RatingSubsea foray in Europe to bolster marine business Remains Buy

Target price INR 1,930 RemainsQuick Note

Closing price INR 1,688 12 May 2026Europe expansion significantly increases marine segment’s international footprint

• ADSEZ’s marine platform Astro Offshore (unlisted), has contracted with Oceaneering

International (OII US, Not rated), a US-based engineering and applied technology company, to Research Analysts

pursue specialised offshore and subsea opportunities in Europe. India Transport/Logistics

• Subsea activities involve specialised underwater engineering critical to offshore energy and Umesh Raut - NFASL

marine infrastructure projects. This includes cable laying, pipeline installation, underwater umesh.raut@nomura.com

construction, etc. in deepwater environments. +91 22 403 74035

Aritra Banerjee - NFASL • The aforementioned activities are technically complex and require advanced vessels, remotely

aritra.banerjee@nomura.com operated vehicle (ROV) systems, and high-end operational capabilities.

+91 22 672 34609

• This expansion will enhance the geographical diversification of ADSEZ’s marine business,

which was largely focused on India and MEASA (the Middle-East, Africa, South Asia) till now.

Operational capabilities enhanced by the addition of Astro Atlas vessel

• Astro Offshore has strengthened its fleet with the addition of Energy Savanah, to be renamed

Astro Atlas (AA).

• AA is a modern 2021-built 97-metre DP2 multipurpose support vessel. It is equipped with a 150-

tonne subsea AHC crane, a 25-tonne secondary crane, and a moonpool.