Dubai port owner DP World, the world’s largest port operator has bought out Topaz Energy and Marine for $1bn from Standard Chartered and Renaissance Services, subject to regulatory approval.
Topaz operates more than 100 marine vessels mainly in the Caspian Sea providing logistics across the global energy industry.
DP World chairman and chief executive Sultan Ahmed Bin Sulayem said, “Much like DP World, Topaz has evolved its business, offering customers a range of logistics solutions and helping the company outperform the industry.
“We believe that this innovative approach, together with the increased scale, will allow the combined Topaz and P&O Maritime Services business to drive efficiencies and earnings growth, and we look forward to welcoming the Topaz team into the DP World family.”
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