UNITED ARAB EMIRATES: SHUAA Capital psc (DFM: SHUAA), the main asset administration and funding banking platform within the region, introduced the acquisition of Allianz Marine and Logistics Services Holding Limited by its managed funds.
The transaction is one of many largest M&A deal within the maritime offshore sector within the Middle East in recent years and one of many largest within the offshore space globally.
Based in Abu Dhabi, UAE, Allianz Marine and Logistics Services Holding is a number one maritime logistics participant with the largest fleet of roughly 117 owned and chartered offshore support vessels (OSV) within the Middle East.
The fleet comprises of a mixture of Platform Supply Vessels (PSV), Anchor Handling Tug Supply vessels (AHTS), crew boats, lodging barges, and flat barges, amongst others.
The firm provides full suite of maritime services collectively with vessel chartering, port logistics, and crew services to clients collectively with main worldwide and nationwide oil companies and offshore construction contractors.
Allianz is SHUAA’s second strategic funding within the OSV sector following its acquisition of Stanford Marine Group (SMG), a Dubai-based OSV operator and a longtime participant within the Middle East for over 20 years. Following the Allianz transaction, SHUAA now manages the largest portfolio of 152 offshore provide vessels within the area and the fourth largest OSV fleet within the world.
Given its market main position, fleet high quality and strong ties to nationwide and global oil majors, the mixed platform of SMG and Allianz is well positioned to take benefit of the expansion anticipated within the offshore oil & gas sector. SHUAA expects to derive significant income and cost synergies and economies of scale on an annual foundation from the mixture of two of the main OSV operators within the region.
Commenting on this acquisition, Ajit Joshi, MD and Head of Public and Private Markets at SHUAA Capital: “We are excited by the acquisition of Allianz. We first invested within the sector lower than two years in the past when we started engaged on the turnaround of SMG and now have the market main place in OSVs within the region.
Allianz‘s complimentary fleet and high-quality team was always a pure match for us and, as we consolidate our position, we will proceed to search for methods to derive additional synergies. SHUAA strongly believes that the offshore industry will proceed to grow, and by making a number one participant in a strategically important segment of the region’s offshore petroleum industry, we’re well positioned to capitalize on this trend.”
Saeed Al Hajeri, Chairman of SMG said: “We congratulate SHUAA on their funding in Allianz and are excited to work along with our colleagues in Allianz. I look ahead to the chance to construct a stronger, consolidated OSV enterprise and contribute to the vital oil & gas industry that’s central to the economies of our region.”
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