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#Industry News

Leading offshore vessel owner acquired by DP World

DP World PLC has confirmed the acquisition of 100% of Topaz Energy and Marine Limited from Renaissance Services SAOG and Standard Chartered Private Equity/Affirma Capital for an enterprise value of US$1,079M.

Topaz is a leading international provider of marine logistics and solutions to the global energy industry. The company operates a fleet of 117 vessels, predominantly in the Caspian Sea, Middle East and North Africa, and West Africa. The group enjoys a particularly strong position in the Caspian Sea.

More recently, the company has become active in the renewable energy sector, and in early 2019 signed what it described as a “substantial agreement” with a large north European contractor that will see its newbuild subsea vessel Topaz Tangaroa working on renewable energy projects – primarily in support of offshore windfarms in the North Sea.

Topaz also 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.

DP World group chairman and chief executive Sultan Ahmed Bin Sulayem said the deal would further strengthen DP World’s position as an operator in maritime logistic services.

Topaz Energy & Marine chief executive René Kofod-Olsen said, “The deal combines two strong companies with an extensive market profile. The combination brings greater financial strength, allowing increased investment both in the fleet and in technology and innovation, to the benefit of current and future stakeholders. This is an excellent deal for our employees and customers. Being part of a world leading group such as DP World ensures that we will continue to be an employer of choice for talented individuals and will bring greater strength and benefits to our customers.”

Details

  • United Kingdom
  • DP World PLC