DP World has announced the acquisition of Topaz Energy and Marine Limited for an enterprise value of $1,079 million USD.
Topaz is an 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 group enjoys a particularly strong position in its core 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 6 per cent of global oil reserves.
Topaz also maintains long-standing relationships with many of the leading international and national oil companies, including BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil and Tengizchevroil.
“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. Much like DP World, Topaz has evolved its business, offering customers a range of logistics solutions and helping the Company outperform the industry,” Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said.