Dubai: DP World has picked up full ownership of UAE-based Topaz Energy and Marine Ltd. in a $1.079 billion deal. The latter manages a fleet of 117 vessels servicing clients in the energy industry, with its core operations being in the Caspian Sea, the Middle East and North Africa territory, and West Africa.
Topaz’s clientele includes BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil and Tengizchevroil. DP acquired the vessel operator from Renaissance Services SAOG and Standard Chartered Private Equity/Affirma Capital.
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vessels are currently managed by Topaz“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,” said Sultan Ahmad Bin Sulayem, Group Chairman and CEO, DP World. “This latest acquisition complements the operations of our P & O Maritime Services (POMS) business, which maintains over 300 vessels globally.”
Topaz’s strengths are particularly evident in movements across the Caspian Sea, which is the largest inland body of water in the world and a strategic oil basin. “Long-term contracts and high barriers to entry characterise the basin, which holds approximately 6 per cent of global oil reserves,” DP World said in a statement.
“This new partnership opens the door for DP World to explore new business areas more extensively, for example, increasing transit volumes through Azerbaijan within the East-West trade corridor,” Bin Sulayem said in a statement.
