DP World buys Topaz for more than $1 billion
DUBAI, UAE – DP World has acquired offshore support vessel owner and operator Topaz Energy and Marine from Renaissance Services SAOG and Standard Chartered Private Equity /Affirma Capital for $1,079 million.
Topaz operates a fleet of 117 vessels, mainly in the Caspian Sea, Middle East North Africa, and West Africa regions and has long-standing relationships in these areas with BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil, Saudi Aramco, and Tengizchevroil.
Its focus has been on securing long-term contracts: the contract backlog was $1.6 billion as of March 31, 2019.
DP World sees the transaction as strengthening its goal of increasing its presence in the global logistics and marine services industry.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “This acquisition complements the operations of our P&O Maritime Services (POMS), which maintains over 300 vessels globally.
“Much like DP World, Topaz has evolved its business, offering customers a range of logistics solutions…We believe that this innovative approach, together with the increased scale, will allow the combined Topaz and P&O Maritime Services business to drive efficiencies and earnings growth…
“Furthermore, this new partnership opens the door for DP World to participate more extensively in new business areas including increasing transit volumes through Azerbaijan under the East-West trade corridor.”