DP World acquires 100% of Topaz Energy
Baku, Azerbaijan, July 1
By Leman Zeynalova – Trend:
DP World PLC announces the acquisition of 100 percent of Topaz Energy and Marine Limited (“Topaz”) from Renaissance Services SAOG and Standard Chartered Private Equity / Affirma Capital for an enterprise value of $1,079 million, Trend reports citing Topaz Energy.
“We are pleased to announce the acquisition of Topaz, further strengthening 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, and this acquisition complements the operations of our P&O Maritime Services (POMS), 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, and we look forward to welcoming the Topaz team into the DP World family,” said Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World.
Furthermore, he noted that 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.
In March this year Topaz Energy signed contract extensions for 12 of its vessels currently supporting the offshore operations of BP Exploration (Caspian Sea) Limited (BP) in Azerbaijan.
Moreover, Topaz Energy started working at Azerbaijan’s Absheron gas field development project in January 2018. Earlier, a source in Azerbaijan’s oil and gas market told Trend that the company will complete its work on Absheron gas field between the second and third quarters of 2019.
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