Bluewater-backed energy services firm Kent, formerly known as Kentech, has completed the acquisition of the majority of SNC-Lavalin’s oil and gas division, 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," Dubai-based Kent said.
According to Kent, the combined business has secured in excess of $500 million in new contractual awards across all its regions and service offerings year-to-date.
Also, John Gilley, previously chief executive officer of Kentech, has been confirmed Kent’s CEO, and the company’s senior leadership is composed from a blend of executives from both organizations.
Gilley said: "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. 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.
Kent said the acquisition made it fully active in helping traditional upstream, midstream, and downstream industries, and enabled it to design, build and maintain across four main services: engineering and consulting; projects; completions, commissioning and start-up; and operations and maintenance.
"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," Gilley said.
He said the combination had made Kent home to 10,000 professionals.
The company’s client base comprises IOCs, NOCs and independent energy and chemical companies operating across the Americas, Europe and the Caspian, the Middle East & Africa, and Asia-Pacific. It currently has over 80 active projects across 24 countries.
Kent also said it had completed a senior secured private bond placement totaling $65 million. The proceeds will be used to fund the acquisition of the SNC oil & gas business and provide headroom for working capital. As part of the acquisition, Bluewater has committed to a further capital injection.
AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week
