DP World Acquires Topaz in USD 1.1 Bn Deal

DP World London GatewayIllustration; Image Courtesy: DP World London Gateway

Dubai-based global port operator DP World has ventured into the energy segment with the acquisition of Topaz Energy and Marine Limited.

The company acquired Topaz from Renaissance Services SAOG and Standard Chartered Private Equity / Affirma Capital for an enterprise value of USD 1,079 million.

The provider of critical marine logistics and solutions to the global energy industry operates a fleet of 117 vessels, predominantly in the Caspian Sea, MENA, and West Africa regions.

Topaz had a contract backlog of USD 1.6 billion as of March 31, 2019, which far exceeds industry benchmarks, according to DP World.

For the major port operator, the transaction supports its objective of increasing the company’s presence in the global logistics and marine services industry.

“In recent years, we have been investing selectively in the marine logistics sector in companies with high revenue visibility, consistent track record and strong customer relationships, and this acquisition complements the operations of our P&O Maritime Services (POMS), which maintains over 300 vessels globally,” Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said.

“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.”

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

Salvage & Wreck

Salvage and Wreck Removal Conference will focus on Casualty management case studies, Dealing with hazardous cargo and container ship fires…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >