Repasa’s fleet of 8 tugs built between 2005 and 2005 i9 one the youngest in Europe. Photo courtesy Repasa
DUBAI Sept 11 (Reuters) – P&O Maritime, a subsidiary of Dubai’s DP World, one of the world’s largest port operators, has bought a majority stake in Spain’s Remolcadores de Puerto y Altura (Repasa), the acquirer said in a statement on Thursday.
The deal, the value of which was not disclosed, will create a new joint venture company under the P&O Maritime brand.
Family-owned Repasa provides marine support services to the offshore energy industry, the statement said.
The joint venture will expand P&O Maritime’s presence to include the Mediterranean and West Africa and enhance its capabilities regarding liquefied natural gas (LNG).
“We have identified the LNG marine sector as one of our core businesses that will help us expand in the future,” Rado Antalovic, Managing Director of P&O Maritime, said in the statement. (Reporting by Matt Smith; Editing by Mark Potter)
© 2014 Thomson Reuters. All rights reserved.
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