General – OSV Fleet
Dubai investment bank Shuaa Capital has bought Abu Dhabi-based offshore support vessels (OSVs) provider Allianz Marine and Logistics Services, which will create the Middle East’s largest portfolio and the fourth biggest fleet in the world.
The transaction was carried out using Shuaa’s managed funds and is one of the largest merger and acquisition deals in the maritime offshore sector in the Middle East, the company said on Wednesday in a statement to the Dubai Financial Market, where its shares are traded.
Shuaa, which manages $14 billion in assets, will have a fleet of 152 OSVs as a result of the deal. The total value of the deal was not provided.
“Shuaa strongly believes that the offshore industry will continue to grow, and by creating a leading player in a strategically important segment of the region’s offshore petroleum industry, we are well positioned to capitalise on this trend,” said Ajit Joshi, managing director and head of public and private markets at Shuaa.
Allianz owns about 117 offshore support vessels in the Middle East, comprising a combination of platform supply vessels, anchor handling tug supply vessels, crew boats, accommodation barges, and flat barges, among others.
It provides services including vessel chartering, port logistics, and crew services to top international and national oil companies and offshore construction contractors.