Dubai terminal operator DP World has diversified into the oil and gas sector, buying Topaz Energy & Marine.
DP World has paid $1.08bn to take over Topaz, an OSV operator owned by Oman’s Renaissance Services with a fleet of around 120 vessels.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, said today: “This new partnership opens the door for DP World to participate more extensively in new business areas including increasing transit volumes through Azerbaijan under the East-West trade corridor. This transaction is in line with our strategy to grow our presence in marine logistics and become a solutions provider to end customers.”
Topaz CEO, René Kofod-Olsen stated, “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.”
DP World has massively diversified from its port roots, acquiring Dubai Maritime City and ship repair firm Drydocks World in 2017, and European container feeder operator, Unifeeder last year.
Mergers and Acquisitions is a rare thing in the Middle East maritime industry. This is a remarkable and strategical move by DP World.