July 1, 2019 / 5:36 AM / 4 months ago

UPDATE 1-Dubai's DP World acquires Topaz Energy in $1 bln deal

(Adds details on deal and Topaz earnings)

DUBAI, July 1 (Reuters) - DP World, one of the world’s largest port operators, on Monday said it had acquired Dubai-headquartered oil services and marine logistics company Topaz Energy and Marine in a deal worth $1.08 billion on an enterprise value basis.

DP World, also based in Dubai, acquired the company from Oman-listed Renaissance Services and Standard Chartered Private Equity.

Topaz, which operates in the Caspian Sea, the Middle East and West Africa, has a fleet of 117 vessels. It works with oil giants such as BP, Exxon Mobil and Saudi Aramco.

“The transaction supports our objective of increasing the company’s presence in the global logistics and maritime services industry,” DP World said in a bourse statement.

The acquisition would be from the first full year of consolidation and is expected to meet DP World’s return target, it said.

Topaz reported earnings before interest, tax, depreciation and amortization (EBITDA) of $190 million for 2018 and had a contract backlog of $1.6 billion, as of March 31, DP World said. (Reporting by Alexander Cornwell, Editing by Sherry Jacob-Phillips)

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