Dubai-based DP World is to buy offshore support vessel provider Topaz Energy & Marine for what it said was an enterprise value of $1.08 billion.
DP World confirmed this week it had agreed to acquire Topaz from Renaissance Services SAOG and Standard Chartered Private Equity/Affirma Capital.
“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, and this acquisition complements the operations of our P&O Maritime Services, which maintains over 300 vessels globally,” DP World chief executive Ahmed Bin Sulayem said.
