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 USD1.79 billion.
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.”
