Shuaa Capital, the Dubai asset manager, has made its second inroads into the marine services space, by buying Abu Dhabi based Allianz Marine and Logistics Services Holding Ltd. Done through one of Shuaa’s funds, this is said to be one of the biggest deals in the region’s maritime offshore space. The value of the deal has not been disclosed. Allianz operates around 117 owned and chartered offshore support vessels for operations covering the Middle East. The fleet comprises platform supply vessels (PSV), anchor handling tug supply vessels (AHTS), crew boats, accommodation barges, and flat barges. The company provides vessel chartering, port logistics, and crew services to clients including leading international and national oil companies and offshore construction contractors.
Following the Allianz transaction, Shuaa manages the largest portfolio of 152 offshore supply vessels in the region and the fourth largest OSV fleet in the world. The deal is, incidentally, Shuaa’s second in the maritime space after buying out financially ailing Stanford Marine Group in Dubai and then turning it around. Shuaa “expects to derive significant revenue and cost synergies and economies of scale on an annual basis” from the combination of two of the leading OSV (offshore support vehicles) operators in the region.