DP WORLD ACQUIRES LEADING MARINE LOGISTICS OPERATOR IN OVER $1BL DEAL

DP World has announced the acquisition of Topaz Energy and Marine from Renaissance Services SAOG and Standard Chartered Private Equity/Affirma Capital for an enterprise value of $1,079 million.

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 enjoys a particularly strong position in its core Caspian Sea market. Topaz also maintains long-standing relationships with many of the leading international and national oil companies, including BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil and Tengizchevroil.

Topaz’s enduring focus on securing long term strategic contracts has allowed it to outperform the market, and the Company’s market-leading contract backlog of $1.6 billion as of 31 March 2019, far exceeds industry benchmarks. Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “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.”

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