DP World purchases Topaz Energy and Marine for US$1.1 billion
TERMINAL operator DP World has bought Topaz Energy and Marine Ltd 'for an enterprise value of US$1,079 million' to tap the Caspian Sea oil market
05 July 2019 - 19:00
Topaz has a fleet of 117 vessels serving the oil and gas industry, including anchor-handling tugs, platform and multi-purpose support vessels, emergency response and recovery vessels, module carrying vessels, crewboats, workboats, tugs and barges, reported American Shipper.
DP World chief executive officer Sultan Ahmed Bin Sulayem said the acquisition complements the operations of the company's existing P&O Maritime Services business, which maintains 300 ships worldwide including oil and gas support vessels, tugs and pilot boats, cargo services vessels and research vessels.
DP World said Topaz has '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. Long-term contracts and high barriers to entry characterise the basin, which holds approximately six per cent of global oil reserves'.
Topaz also has relationships with BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil and Tengizchevroil.
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