DP World fully owned subsidiary, P&O Maritime, acquired Reyser (Remolques y Servicios Maritimos, S.L.) a Spanish company providing maritime services internationally. The transaction value is below 5% of DP World’s net asset value.
The transaction value is below 5% of DP World’s net asset value. Reyser has long-term agreements in 10 ports in Spain and contracts with two international liquefied natural gas (LNG) terminals at Saint John, New Brunswick in Canada, and Point Fortin in Trinidad and Tobago. The company’s services include harbour towage, mooring, bunkering, diving, and environmental support. It owns 151 vessels including 20 tug boats, 53 mooring boats, five bunkering vessels, and 73 ships conducting environmental work.
DP World Group chairman and CEO, Sultan Ahmed bin Sulayem, said: “We are delighted to make this acquisition which underlines the further development of the group’s maritime services business. As a global trade enabler, we have been developing it globally spearheaded by the world renowned P&O Maritime brand to complement our core business of ports and terminals. This is all part of our broader strategy to grow complementary sectors in the global supply chain such as industrial parks, freezones, and logistics supported by new technologies adding value for all our stakeholders.”
Rado Antolovic, managing director of P&O Maritime, said: “This is a landmark deal in our more than 50-year history, underlining our global intentions to provide maritime services across diverse markets around the world. The acquisition allows us to consolidate our market position in Spain while securing an entry in new geographies and markets, offering significant scope to diversify and grow our business. We are confident about the medium-to-long term growth potential of this business and our ability to drive sustainable value for all stakeholders.”