Abu Dhabi Ports (AD Ports) Group, the region’s leading logistics, industry, and trade facilitator, has acquired Divetech Marine Engineering Services, UAE-based topside-subsea solutions provider.
The 100 percent acquisition will be fully funded from AD Ports Group’s existing cash reserves. Divetech, which offers services including installation, inspection, repair and maintenance for ports and other maritime organizations, posted revenue of $23.69 million and EBITDA of $5.44 million in 2021.
The acquisition and integration of Divetech 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.
Mohamed Juma Al Shamsi Group CEO – AD Ports Group
“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.”
Commenting on the deal, 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 growth plans. 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.”
AD Ports Group, which made its debut on the Abu Dhabi Securities Exchange earlier this month, raised $1.09 billion from its share sale. Its portfolio comprises 10 ports and terminals, and more than 550 square kilometers of economic zones within ZonesCorp and Khalifa Industrial Zone Abu Dhabi.
