Sunday 20th Oct, 2019

DP World makes $1.5B acquisition

Supply chain operator DP world has made a $1.53 billion (1.079 billion USD) acquisition of an international marine logistics operator, Topaz Energy and Marine Limited.

Topaz is an international logistics and solutions provider to the global energy industry, with a fleet of 117 vessels, predominantly in the Caspian Sea, Middle East and North Africa, and West Africa regions.

The company has a strong position in the Caspian Sea market. The Caspian Sea is the largest inland body of water in the world, and one of the most strategic oil basins.

Long-term contracts and high barriers to entry characterise the basin, which holds approximately six per cent of global oil reserves.

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“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,” said DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem.

“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.”