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DP World acquires Topaz Energy and Marine

DP World PLC has announced the acquisition of 100 per cent of Topaz Energy and Marine from Renaissance Services SAOG and Standard Chartered Private Equity/Affirma Capital for an enterprise value of $1,079 million.

{mprestriction ids="1,2"}Logistics and solutions provider to the global energy industry, Topaz, operates a fleet of 117 vessels predominantly in the Caspian Sea, MENA, and West Africa regions. Topaz is focussed on securing long term strategic contracts, and the Company’s market-leading contract backlog of $1.6 billion as of 31 March 2019, exceeds industry benchmarks. For DP World, the transaction supports its objective of increasing the company’s presence in the global logistics and marine services industry.

The combination of DP World and Topaz Energy and Marine will bring greater financial strength, allowing increased investment both in the fleet and in technology and innovation, to the benefit of current and future stakeholders.

 “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,” said Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World.

"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,” said René Kofod-Olsen, CEO, Topaz Energy and Marine.

“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. We believe that this innovative approach, together with the increased scale, will allow the combined Topaz and P&O Maritime Services business to drive efficiencies and earnings growth. Furthermore, 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,” continued Mr Sultan Ahmed Bin Sulayem.

The transaction is in line with DP World’s strategy to grow its 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,” Mr Sultan Ahmed Bin Sulayem stated.{/mprestriction}

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