Dubai-based DP World confirmed to Arabian Business (AB) that it is in the advanced stages of discussions to acquire Topz Energy and Marine in a deal reportedly worth $1.3mn.
“We note the recent speculation regarding a possible acquisition of Topaz Energy and can confirm that DP World is in advanced discussion with regard to this matter," a DP World spokesperson told AB. "Whilst these discussions are very advanced, there can be no certainty of a transaction. DP World will update the market as and when appropriate.”
Media reports claimed the deal would be announced as early as Monday, but DP World did not confirm a timeline. Renaissance Services, the Oman-listed majority owner of Topaz Energy, was looking into an initial public offering for the company, but this acquisition would halt those plans.
Topaz Energy and Marine ranked at 28 on Oil & Gas Middle East's list of the Top 30 Oilfield Services Companies of 2018.