DP World acquires marine logistics firm Topaz for $1,079 million

July 2, 2019: To increase its presence in the global logistics and marine services industry, DP World PLC has acquired international critical logistics and solutions provider Topaz Energy and Marine Limited (Topaz) for an enterprise value of $1,079 million.

Dubai-based DP World acquired Topaz, which operates a modern, versatile fleet of 117 vessels, predominantly in the Caspian Sea, MENA, and West Africa regions, from Renaissance Services SAOG and Standard Chartered Private Equity/Affirma Capital.

Topaz 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. The oil basins hold approximately 6 per cent of global oil reserves, but long-term contracts and high barriers to entry are a common features.

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

Sulayem further added that the transaction is in line with DP Worl'd strategy to grow its presence in marine logistics and become a solutions provider to end customers.

The latest acquisition complements the operations of DP World's P&O Maritime Services (POMS) business, which maintains over 300 vessels globally.