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DP World’s Topaz & P&O to Complete Merger by Year-End - CEO Mr Rene Kofod

Logistic News - Published on Wed, 11 Sep 2019

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Reuters, citing Topaz CEO Mr Rene Kofod-Olsen, reported that Port operator DP World’s planned merger of its P&O Maritime and recently acquired Topaz Energy and Marine businesses is expected to be completed by the end of the year. DP World bought Dubai-based oil services company Topaz in July with the intention of combining it with P&O Maritime as part of efforts to diversify beyond its core port operations to other marine-related sectors. The merged entity, to be known simply as P&O, will give Topaz a presence in new markets including Australia and South America. We certainly see this as a pathway to continue and perhaps accelerate growth as a combined entity under DP World. It allows us (as a combined entity) to give a whole host of services to our clients that we can’t do today without making huge capital investments.

Topaz operates in the Caspian Sea, the Middle East and West Africa, working with oil majors such as BP, Exxon Mobil and Saudi Aramco. It had a contract backlog of USD 1.5 billion at August 21. P&O Martime provides government, port and oil and gas marine services in Australia, Papua New Guinea, the Middle East, Africa, Europe and South America.

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Posted By : Mohan Sharma on Wed, 11 Sep 2019
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