Shuaa creates largest OSV portfolio in the Middle East with Allianz Marine takeover

Dubai-based asset management and investment banking firm Shuaa Capital has acquired Abu Dhabi-based offshore support vessels (OSVs) provider Allianz Marine and Logistics Services.

The transaction is one of the largest M&A deals in the Middle East maritime offshore sector in recent years, and one of the largest globally in the offshore sector, Shuaa said without disclosing the numbers. The deal also involved debt capital raising of acquisition financing provided by a syndicate of Middle Eastern banks.

Allianz controls the largest OSV fleet in the Middle East with around 117 owned and chartered vessels. The fleet comprises a combination of platform supply vessels, anchor handling tug supply vessels (AHTS), crew boats, accommodation barges, and flat barges, among others.

Shuaa’s second investment in the OSV sector follows its acquisition of Stanford Marine Group, with a 35-vessel fleet. Post-transaction, Shuaa Capital said it will control the largest offshore supply vessel fleet in the Middle East with more than 150 vessels and will be among one of the four largest globally.