DP World unit buys Spanish maritime services firm

Dubai-owned P&O Maritime announces deal to acquire Remolques y Servicios Maritimos
DP World Group chairman and CEO, Sultan Ahmed bin Sulayem.
By Staff writer
Fri 09 Jun 2017 12:48 AM

Dubai-owned P&O Maritime has announced the acquisition of Remolques y Servicios Maritimos (Reyser), a Spanish company providing maritime services internationally.

The DP World fully-owned subsidiary said in a statement that Reyser has long term agreements in 10 ports in Spain and contracts with two international 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, added: “This is a landmark deal in our more than 50-year history, underling 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 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.”

The deal is subject to regulatory approval, the statement said.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Last Updated: Sun 18 Jun 2017 09:34 AM GST

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.