Kent, a leading international integrated energy services partner (formerly Kentech) said it has completed the acquisition of a majority stake in the oil and gas division of leading engineering group SNC-Lavalin, with a minority portion to follow at a later date.
The company now harnesses the strength of leading players in the energy services sector: Kentech; and the acquired businesses, which consist of legacy SNC-Lavalin oil and gas, the Kentz business, and the oil & gas capabilities (including offshore wind, hydrogen, CCUS, and low carbon solutions) of the former Atkins business.
Change of name to Kent comes as part of a major rebrand, thus reflecting a 100-year-old history, said the company in a statement.
Kernt had issued $65 million in an over-subscribed bond, alongside additional financial support from its majority shareholder, Bluewater, to accelerate growth strategy, fund working capital and to fund the acquisition.
The combined business has secured in excess of $500 million in new contractual awards across all our regions and service offerings year-to-date.
With this takeover, Kent is now a leading international integrated energy services partner.
The combination gives the company an expanded specialist talent pool, geographical reach and a robust balance sheet to compete for complex and technical projects.
It makes Kent fully active in helping traditional upstream, midstream and downstream industries, and enables it to design, build and maintain across four main services: engineering and consulting; projects; completions, commissioning and start-up; and operations and maintenance, said a top official.
"Following the acquisition of the SNC-Lavalin Oil and Gas division, we have become a leading player with international reach and full-service capability for energy, chemicals, renewables and low carbon industries," observed its CEO John Gilley.
"We are now fully equipped to meet the most challenging of technical projects and are ready to support clients in their energy transition ambitions as the world moves towards a low-carbon economy," he added.
According to Gilley, the investments we have already made and the new ones we are making give us an enormous advantage, allowing us to undertake complex technical projects to support the needs of our clients across the full energy spectrum.
"The expansion of our geographical reach into the Americas, Europe, the Caspian, the Middle East and Africa, give us truly global reach, allowing us to follow our clients wherever they may go and cater to their evolving needs," he stated.
"Furthermore, the combination has made Kent home to 10,000 professionals, among the energy industry’s brightest and most innovative minds, who are working around the clock to find solutions to our clients’ most challenging requirements," he added.
Credit to www.tradearabia.com