UAE’s DP World acquires local PSV operator Topaz for US$1.1 billion

UAE port operator DP World has completed the acquisition of 100 per cent of local platform supply vessel (PSV) company Topaz Energy and Marine from Renaissance Services and Standard Chartered Private Equity/Affirma Capital for an enterprise value of approximately US$1.079 billion.

The closing of the transaction will see Topaz’s 117-vessel fleet sail under the DP World banner but continue to serve Topaz’s clients in the Middle East, Africa, and the Caspian Sea region.

The acquisition is in line with DP World’s expansion into the maritime logistics services sector, company chairman and CEO Sultan Ahmed Bin Sulayem said in a statement.