International law firm Clifford Chance is advising DP World Limited on its acquisition of Topaz Energy and Marine Limited from Renaissance Services SAOG and Standard Chartered Private Equity / Affirma Capital for an enterprise value of US$1,079 million.
Topaz is a leading international provider of critical marine logistics and solutions to the global energy industry. The Company operates a modern and versatile fleet of 117 vessels, predominantly in the Caspian Sea, MENA, and West Africa regions. The group enjoys a particularly strong position in the Caspian Sea, which is the largest inland body of water in the world, and one of the most strategic oil basins.
Long-term contracts and high barriers to entry characterise the basin, which holds approximately 6 per cent of global oil reserves. Topaz also maintains long-standing relationships with many of the leading international and national oil companies, including BP, Chevron, Dragon Oil, Dubai Petroleum, ExxonMobil, Saudi Aramco and Tengizchevroil.
Topaz’s enduring focus on securing long-term strategic contracts has allowed it to outperform the market, and the Company’s market-leading contract backlog of US$1.6 billion as of 31 March 2019, far exceeds industry benchmarks, demonstrating the success of the Company’s strategic approach.
DP World is a longstanding client of the firm and this acquisition is part of its strategy to grow its presence in global marine logistics and become a solutions provider to end customers.
The transaction is subject to customary completion conditions and regulatory approvals and is expected to close in the second half of 2019. The Clifford Chance Middle East team was led by corporate partner Jason Mendens, supported by senior associates Daniel Boyle and Sumit Ram and associate Mohamed Tighilt.
Jason Mendens said, "We are very pleased to have assisted DP World on this complex, cross-border M&A transaction given the firm's longstanding relationship with DP World."
For more information about Clifford Chance see www.cliffordchance.com.
For further information about this release contact Roshan Khan on +971 4 503 2661 or roshan.khan@cliffordchance.com
Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team-based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise.
Clifford Chance was ranked 'Band 1' in more cross-border tables than any other firm in the Chambers Global 2019 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.
Our Middle East practice was recently ranked 1st place by value in the Mergermarket Q1 2019 M&A league tables and was awarded International Law firm of the Year at the IFLR Middle East Awards ceremony. Earlier this year, we won 10 awards at the IFN Middle East Deal of the Year Awards noting successes in key categories such as construction finance, infrastructure and projects finance, Islamic finance and securitisation.
© Press Release 2019Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
