DP World has agreed to acquire a 100% interest in offshore logistics firm Topaz Energy and Marine for an enterprise value of $1.07bn.

The Dubai-based port operator bought its overall control in Topaz from Renaissance Services SAOG and Affirma Capital, a Standard Chartered Private Equity company.

Topaz manages a fleet of 117 vessels, its business primarily focusing on the Caspian Sea and Middle Eastern, North African and West African vicinities.

In addition, Topaz has business relationships with many oil companies, including BP, Chevron, Dragon Oil, ExxonMobil, Dubai Petroleum, Saudi Aramco and Tengizchevroil.

DP World noted that the acquisition forms part of its strategy to boost its presence in the logistics and marine services industry worldwide.

DP World group chairman and CEO Sultan Ahmed bin Sulayem said: “In recent years, we have been investing selectively in the marine logistics sector in companies with high revenue visibility, consistent track record and strong customer relationships, and this acquisition complements the operations of our P&O Maritime Services (POMS), which maintains over 300 vessels globally.

“Much like DP World, Topaz has evolved its business, offering customers a range of logistics solutions and helping the company outperform the industry. We believe that this innovative approach, together with the increased scale, will allow the combined Topaz and P&O Maritime Services business to drive efficiencies and earnings growth, and we look forward to welcoming the Topaz team into the DP World family.

“Furthermore, this new partnership opens the door for DP World to participate more extensively in new business areas, including increasing transit volumes through Azerbaijan under the East-West trade corridor.”

In May, Institutional investor Caisse de dépôt et placement du Québec acquired a 45% interest in DP World Chile.

In the same month, DP World signed an agreement to buy Canadian marine terminal Fraser Surrey Docks from Macquarie Infrastructure Partners.

DP World manages various businesses, from marine and inland terminals, maritime services, logistics and ancillary services, to technology-driven trade solutions.

Among the company’s businesses are 78 operating marine and inland terminals supported more than 50 related businesses in over 40 countries across six continents.