DUBAI: July 01, 2019. DP World has acquired offshore logistics provider Topaz Energy and Marine from Renaissance Services SAOG and Standard Chartered Private Equity/Affirma Capital for an enterprise value of US$1.08 billion.
The company operates a fleet of 117 vessels, predominantly in the Caspian Sea, MENA and West Africa. Topaz has long-standing relationships with BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil and Tengizchevroil and a contract backlog of US$1.6 billion.
“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,” explained DP World chairman and CEO Sultan Ahmed Bin Sulayem. “This latest acquisition complements the operations of our P&O Maritime Services which maintains over 300 vessels globally.
“Much like DP World, Topaz has evolved its business, offering customers a range of logistics solutions and helping the Company outperform the industry. 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.”
Topaz CEO René Kofod-Olsen added: “This is an excellent deal for our employees and customers. Being part of a world leading group such as DP World, ensures that we will continue to be an employer of choice for talented individuals and will bring greater strength and benefits to our customers.”