Dubai: P&O Maritime Services, a port services vessel manager, owner and operator owned by the UAE's Dubai Ports World (DP World), has won a three-year contract to provide tug boat operations at DP World Sokhna in Egypt.
The deal, which will see P&O Maritime introduce two of the most powerful tug boats operating in Egypt today, is the latest addition to P&O Maritime's global network for cargo, chartering, port and agency services. The Melbourne, Australia-based company is 100 per cent owned by DP World.
"Both [vessels] have fire fighting capability and one is also equipped to handle oil spills, enhancing Sokhna Port's safety and environmental protection," said P&O Maritime Services CEO Andrew King.
DP World Sokhna, Egypt's only deep-water facility, has experienced a recent surge in port traffic due to the synergies it has introduced to Egypt's frayed port infrastructure. Import and export volumes at the port jumped over 50 per cent in the first five months of the year.
DP World Sokhna launched operations in early 2008 by acquiring a controlling 90 per cent stake in Sokhna Port Development Company for $670 million. The remaining 10 per cent is owned by Egypt's Amiral Holdings.
In late 2009, the company denied media reports that its $1.3 billion expansion project at Sokhna port had been frozen.
P&O Maritime FZE, P&O Maritime Services' UAE subsidiary, provides port services vessels in DP World's largest port, Jebel Ali. [13/09/10]
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