AD Ports Group today announced that it has acquired Divetech Marine Engineering Services, a UAE-based topside-subsea solutions provider that offers a range of services including installation, inspection, repair, and maintenance for ports and other maritime organizations.
"The acquisition and integration of the company into AD Ports Group will extend the range of services offered by the Group’s maritime cluster, placing it in a strong position to generate significant commercial, operational, and financial synergies,"AD Ports said.
The 100% acquisition will be fully funded from AD Ports Group’s existing cash reserves. Divetech delivered revenue of AED 87 million (around $23,7) and EBITDA of AED 20 million (around $5,4 million) in 2021.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “Our acquisition of Divetech represents an important strategic opportunity for growth, enabling us to integrate a dynamic company with a significant pipeline of potential new business into our operations. This acquisition also enables our Maritime Cluster to provide a fully holistic service offering that includes undersea inspection, maintenance and repair.”
Capt. Maktoum Al Houqani, Chief Corporate Authority Officer and Acting Head of Maritime Cluster, AD Ports Group, said: “This acquisition provides a strong strategic fit for our existing portfolio of services and our plans for growth. Divetech is a leader in diving and marine services in the UAE, with a well-respected track record and diverse customer base. It has also delivered impressive top-line growth over the last three years.”