P&O Maritime has announced the acquisition of a majority stake in Remolcadores de Puerto y Altura (Repasa), a Spanish operator of offshore support vessels for the energy industry.
The acquisition will see the formation of a new joint venture company under the P&O Maritime brand.
Headquartered in the Port of Tarragona, family-owned Repasa provides marine support services to the offshore energy industry through the operation of a fleet of twelve tugs, including anchor handling- and ASD-type vessels.
The company was recently awarded a long-term contract in Equatorial Guinea to support the LNG tanker berthing/unberthing operations at the Punta Europa Terminal.
Through the new joint venture, P&O Maritime will expand its global presence to include the Mediterranean and West African markets, and enhances its capabilities and experience in LNG offshore operations.
Rado Antalovic, Managing Director of P&O Maritime, the company had identified the LNG marine sector as a core business that will aid future expansion.
"Independent studies indicate the LNG market is set to double in size worldwide by 2020 and we are confident we can deliver strong long term sustainable growth," he said.
P&O Maritime is a wholly owned subsidiary of Dubai-based marine terminal operator DP World.
The value of the transaction was not disclosed.
