AD Ports Group has fully acquired Divetech Marine Engineering Services, a UAE-based topside-subsea solutions provider that offers a range of services including installation, inspection, repair and maintenance for ports and other maritime organizations.
AD Ports said the acquisition 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.
The acquisition will be fully funded from AD Ports Group’s existing cash reserves. Divetech delivered revenue of AED 87 million and EBITDA of AED 20 million in 2021.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, “This acquisition also enables our Maritime Cluster to provide a fully holistic service offering that includes undersea inspection, maintenance and repair.”