Port operator DP World in talks to acquire Topaz Energy

DP World is in talks to acquire oil services company Topaz Energy and Marine, the port operator said on Sunday. (File photo: AP)

DP World is in talks to acquire oil services company Topaz Energy and Marine, the port operator said on Sunday.

Britain’s Sky News, citing sources, earlier reported that a $1.3 billion deal for DP World to take over Topaz could be announced as early as Monday.

DP World confirmed it was in talks to buy the company.

“While negotiations are ongoing, there can be no certainty of a transaction,” it said in a bourse statement.

Dubai-headquartered Topaz, a unit of Oman’s Renaissance Services, operates in the Caspian Sea, the Middle East and West Africa, and has a fleet of 120 vessels.

Standard Chartered Private Equity holds a minority share of the company, according to Topaz’s website.

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Last Update: Wednesday, 20 May 2020 KSA 09:53 - GMT 06:53
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