DP World-owned P&O acquires Spanish maritime player
DP World’s fully owned subsidiary, P&O Maritime has announces its acquisition of Reyser (Remolques y Servicios Maritimos, S.L.) a Spanish company providing maritime services internationally since 1966.
P&O Maritime bought Reyser from Bergé y Cía for an undisclosed amount, although DP World did indicate that it was less than 5% of the global port operator’s total net value.
Reyser has long term agreements in 10 ports in Spain and contracts with 2 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, 5 Bunkering vessels and 73 ships conducting environmental work.
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The acquisition of the company is in line with P&O Maritime’s intention to bid for the port operations concession of ports in emerging markets, where DP World will leverage its operational expertise to enhance port productivity.
“We are delighted to make this acquisition which underlines the further development of the Group’s maritime services business,” said DP World Group chairman and CEO, Sultan Ahmed Bin Sulayem. “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, 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.”