- Second investment in OSV space following the acquisition of Stanford Marine Group in 2020
- The acquisition will create the largest OSV portfolio in the region and the fourth largest fleet in the world.
- Strategic investment will benefit from the economies of scale, revenue and cost synergies, and the expected growth in the offshore supply services sector over the next five years.
SHUAA Capital psc (DFM: SHUAA), the leading asset management and investment banking platform in the region, today announced the acquisition of Allianz Marine and Logistics Services Holding Limited (”Allianz”) by its managed funds. The transaction is one of the largest M&A deal in the maritime offshore sector in the Middle East in recent years and one of the largest in the offshore space globally.
Based in Abu Dhabi, UAE, Allianz is a leading maritime logistics player with the largest fleet of approximately 117 owned and chartered offshore support vessels (“OSV”) in the Middle East. The fleet comprises of a combination of Platform Supply Vessels (PSV), Anchor Handling Tug Supply vessels (AHTS), crew boats, accommodation barges, and flat barges, among others. The company provides full suite of maritime services including vessel chartering, port logistics, and crew services to clients including leading international and national oil companies and offshore construction contractors.
Allianz is SHUAA’s second strategic investment in the OSV sector following its acquisition of Stanford Marine Group (SMG), a Dubai-based OSV operator and an established player in the Middle East for over 20 years. Following the Allianz transaction, SHUAA now manages the largest portfolio of 152 offshore supply vessels in the region and the fourth largest OSV fleet in the world.
Given its market leading position, fleet quality and strong ties to national and global oil majors, the combined platform of SMG and Allianz is well positioned to take advantage of the growth expected in the offshore oil & gas sector. 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 operators in the region.
Commenting on this acquisition, Ajit Joshi, MD and Head of Public and Private Markets at SHUAA Capital: “We are excited by the acquisition of Allianz. We first invested in the sector less than two years ago when we began working on the turnaround of SMG and now have the market leading position in OSVs in the region. Allianz‘s complimentary fleet and high-quality team was always a natural fit for us and, as we consolidate our position, we will continue to look for ways to derive additional synergies. SHUAA strongly believes that the offshore industry will continue to grow, and by creating a leading player in a strategically important segment of the region’s offshore petroleum industry, we are well positioned to capitalize on this trend.”
Saeed Al Hajeri, Chairman of SMG said: “We congratulate SHUAA on their investment in Allianz and are excited to work together with our colleagues in Allianz. I look forward to the opportunity to build a stronger, consolidated OSV business and contribute to the vital oil & gas industry that is central to the economies of our region.”
