Dubai- based port driver DP World has actually gotten one hundred percent of overseas companies Topaz Energy and also Marine for an acquisition cost of greater than $1 billion.

Topaz runs a varied fleet of 117 overseas vessels mainly in the Caspian Sea, the Middle East and also North Africa, and also West Africa areas. DP World highlighted the Caspian Sea area since certain rate of interest in a press statement the purchase.

“The Caspian Sea is the largest inland body of water in the world, and one of the most strategic oil basins,” DP World stated. “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.”

DP World gotten Topaz from Renaissance Services SAOG and also Standard Chartered Private Equity/Affirma Capital for a business worth of $1.079 billion.

“Topaz’s enduring focus on securing long term strategic contracts has allowed it to outperform the market, and the Company’s market-leading contract backlog of $1.6 billion as of 31 March 2019, far exceeds industry benchmarks, demonstrating the success of the Company’s strategic approach. For DP World, the transaction supports our objective of increasing the company’s presence in the global logistics and marine services industry,” journalism launch stated.

Sultan Ahmed Bin Sulayem, Group Chairman and also CHIEF EXECUTIVE OFFICER, DP World, stated: “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. 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.”