DP World buys Topaz Energy for enterprise value of AED3.95bn

DUBAI / WAM

DP World PLC has announced the acquisition of 100 percent of Topaz Energy and Marine Limited from Renaissance Services SAOG and Standard Chartered Private Equity, Affirma Capital, for an enterprise value of $1,079 million (AED3.95 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 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 6 percent of global oil reserves.
Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO, 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 transaction is in line with our strategy to grow our presence in marine logistics and become a solutions provider to end customers. We look forward to welcoming the Topaz team into the DP World family,” he added.
“This latest acquisition complements the operations of our P&O Maritime Services (POMS) business, which maintains over 300 vessels globally,” he noted, adding, “Much like DP World, Topaz
has evolved its business, offering customers a range of logistics solutions and helping the Company outperform the industry.”