DP World PLC has announced the acquisition of 100% in Topaz Energy and Marine Limited from Renaissance Services SAOG and Standard Chartered Private Equity/Affirma Capital for an enterprise value of $1.08 Billion.
Topaz is a leading international critical logistics and solutions provider to the global energy industry. The company operates a modern, versatile fleet of 117 vessels, predominantly in the Caspian Sea, MENA, and West Africa regions.
The group has a particularly strong position in its core Caspian Sea market, which is one of the most strategic oil basins holding approximately 6 per cent of global oil reserves.
Topaz maintains long-standing relationships with many of the leading international and national oil companies, including BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil, Saudi Aramco, and Tengizchevroil.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “We are pleased to announce the acquisition of Topaz, which further strengthens DP World’s position as a world-leading operator in maritime logistics services. 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. This latest acquisition complements the operations of our P&O Maritime Services (POMS) business, 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”.