P&O Maritime, a subsidiary of Dubai-based global marine terminal operator DP World, has acquired a majority stake in Remolcadores de Puerto y Altura S.A. (Repasa), a Spanish operator of offshore support vessels. P&O and Repasa will form a new joint-venture company under the P&O Maritime brand.
Headquartered in the Port of Tarragona, Spain, family-owned Repasa provides marine support services to the offshore energy industry with a modern fleet of 12 tugs. Repasa was recently awarded a long-term contract in Equatorial Guinea to support LNG tanker berthing/unberthing operations at the Punta Europa terminal.
Iñigo García, Managing Director of Repasa, said: “This transaction represents a tremendous opportunity for Repasa and will deliver significant incremental growth. With over 30 years’ experience, we have built a strong position in the Mediterranean, the North Sea and West Africa with modern vessels working in challenging conditions."
Through the new joint venture, P&O Maritime will expand its global presence to include the Mediterranean and West African markets, and enhance its capabilities and experience in LNG offshore operations.
Rado Antalovic, P&O Maritime Managing Director, said, "We have identified the LNG marine sector as one of our core businesses that will help us expand in the future. Independent studies indicate the LNG market is set to double in size worldwide by 2020, and we are confident we can deliver strong, long-term, sustainable growth."
Image: Repasa's Romulo tug, built in Turkey in 2008, operates under Spanish flag.
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