AD Ports Group acquires underwater surface services company Divetech Marine Engineering
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, has been acquired by AD Ports Group.
The acquisition and integration of the company into 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.
The 100% acquisition will be fully financed from AD Ports Group’s existing cash reserves. Divetech achieved a turnover of 87 million Dhs and an EBITDA of 20 million Dhs in 2021.
Captain Mohamed Juma Al Shamisi, Managing Director and CEO of AD Ports Group, said: “Our acquisition of Divetech represents a significant strategic opportunity for growth, allowing us to integrate a dynamic company with a large pipeline of potential new businesses in 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, Director of Corporate Authority and Acting Head of Maritime Cluster, AD Ports Group, said: “This acquisition provides a strong strategic fit for our existing service 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.