Port terminal operator DP World has entered the oilfield services sector having acquired Topaz Energy and Marine in a deal valued at nearly USD1.1 billion.
Topaz offers logistics services for the global energy industry with a fleet of 117 vessels. It operates predominately in the Caspian Sea, Middle East and North Africa (MENA), and West Africa regions.
For DP World, the acquisition supports its objective of increasing the company’s presence in the global logistics and marine services industry.
DP World group chairman and ceo Sultan Ahmed Bin Sulayem, 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 latest acquisition complements the operations of our P&O Maritime Services (POMS) business, which maintains over 300 vessels globally.”
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