AD Ports Group acquired UAE-based Divetech Marine Engineering Services that will allow AD Ports to extend the range of services offered by the firm’s maritime cluster.
Divetech Marine Engineering Services is a topside-subsea solutions provider that offers a range of services including installation, inspection, repair and maintenance for ports and other maritime organisations.
AD Ports, which is listed on the Abu Dhabi Securities Exchange, will look to use the acquisition to generate “significant commercial, operational, and financial synergies,” a statement from the company 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,” Captain Mohamed Juma Al Shamisi, managing director and group CEO, AD Ports Group, said.
The 100 percent acquisition will be fully funded from AD Ports Group’s existing cash reserves. Divetech delivered revenue of AED87 million and EBITDA of AED 20 million in 2021.
