AD Ports acquires Divetech Marine Engineering Services
Underwater repair and maintenance services provided by Divetech Marine Engineering Services. ©Ports AD
AD Ports Group today announced the acquisition of Divetech Marine Engineering Services, a UAE-based subsea surface solutions provider that offers a range of services including installation, inspection, repair and maintenance for ports and other maritime organizations.
“The acquisition and integration of the company within the AD Ports group will expand 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”, said declared AD Ports.
The 100% acquisition will be fully financed from AD Ports Group’s existing cash reserves. Divetech achieved revenue of AED 87 million (approximately $23.7 million) and EBITDA of AED 20 million (approximately $5.4 million) in 2021.
Captain Mohammad Juma Al Shamisi, Group Managing Director and CEO, AD Ports Group, said: “Our acquisition of Divetech represents an important strategic opportunity for growth, allowing us to integrate a dynamic business 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 underwater inspection, maintenance and repair.
Captain Maktoum Al Houqani, Chief Corporate Authority Officer and Acting Head of Maritime Cluster, AD Ports Group, said: “This acquisition provides a strong strategic complement to our existing services portfolio and growth plans. Divetech is a leader in diving and marine services in the United Arab Emirates, with a respected track record and a diverse customer base. It has also seen impressive revenue growth over the past three years.