DP WORLD has announced the acquisition of Topaz Energy and Marine from Renaissance Services and Standard Chartered Private Equity for an enterprise value of US$1.1bn.
Topaz is a leading international critical logistics and solutions provider to the global energy industry and operates a fleet of 117 vessels, predominantly in the Caspian Sea, Middle East/North Africa and West Africa regions.
The group is said to enjoy a strong position in its core Caspian Sea market, the Caspian Sea being the largest inland body of water in the world.
Topaz also has long-standing relationships with international and national oil companies, including BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil and Tengizchevroil.
DP World group chairman Sultan Ahmed Bin Sulayem said the deal would strengthen their position as a world-leading operator in maritime logistics.
“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,” Sultan Bin Sulayem said.
“This latest acquisition complements the operations of our P&O Maritime Services 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.”
The deal is said to be in line with the DPW strategy to grow in marine logistics.