DP World snaps up Topaz

DP World has further diversified its range of business interests within the logistics and marine services sectors by buying the leading offshore vessel operator, Topaz Energy and Marine, from Renaissance Services and Standard Chartered Private for a reported US $1.79 billion.

Topaz operates a fleet of 117 vessels, predominantly in the Caspian Sea, Middle East and West Africa regions, and has long-standing relationships with many of the leading international and national oil companies, including BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil and Tengizchevroil.

This latest acquisition by DP World will complement the operations of its existing P&O Maritime Services business division, which operates over 300 vessels globally. The deal combines two strong companies with an extensive market profile, and the greater financial strength of the combined operations is expected to enable increased investment both in the fleet and in technology and innovation.

Topaz Chief Executive, René Kofod-Olsen, has welcomed the company’s acquisition by DP World. He says: “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.”