DP World acquires leading international marine logistics operator

7/1/2019

DUBAI -- DP World PLC announces the acquisition of 100 per cent of Topaz Energy and Marine Limited from Renaissance Services SAOG and Standard Chartered Private Equity/Affirma Capital for an enterprise value of $1,079 million.

Topaz is a leading international provider of critical marine logistics and solutions to the global energy industry. The Company operates a modern and versatile fleet of 117 vessels, predominantly in the Caspian Sea, MENA, and West Africa regions. The group enjoys a particularly strong position in the Caspian Sea. 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 6 per cent of global oil reserves. Topaz also maintains long-standing relationships with many of the leading international and national oil companies, including BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil, Saudi Aramco and Tengizchevroil.

Topaz’s enduring focus on securing long term strategic contracts has allowed it to outperform the market, and the Company’s market-leading contract backlog of $1.6 billion as of March 31, 2019, far exceeds industry benchmarks, demonstrating the success of the Company’s strategic approach. For DP World, the transaction supports our objective of increasing the company’s presence in the global logistics and marine services industry.

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