DP World subsidiary P&O Maritime has bought international Spanish towage company Reyser, with operations in Canada, Yemen and Trinidad and Tobago.
DP World’s purchase will consolidate its Spanish market position in while allowing it to diversify and geographically expand its business, it said.
Reyser is part of 140-year-old Spanish industrial equipment, automotive, energy and logistics services company, Bergé y Cía.
It has provided tug and moorage service in 10 Spanish ports and internationally since 2007, supplying moorage services in Canada and later at in Bal-Haf in Yemen.
The company owns 151 vessels, of which 20 are tug boats, 53 are mooring boats, 5 are bunkering vessels and 73 are ships used for environmental services.
With a client base that extends abroad, it services two international LNG terminals at Saint John in Canada and Point Fortin in Trinidad and Tobago.
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, said: “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 acquisition is still subject to regulatory approvals.