Dubai-based Kentech Corporate Holdings says it has entered into a definitive agreement to acquire the oil and gas business of Toronto-listed SNC-Lavalin Group, a global engineering and construction group.
A specialist services and solutions firm for the energy sector, Kentech is being backed by the global energy investment firm Blue Water Energy. It operates in three key areas: engineering and projects; commissioning and start-up services; and turnaround, maintenance and modifications.
The Dubai group says the prospective acquisition includes the people and assets brought together through SNC’s acquisition of Kentz and other energy services businesses, and would create a company that can provide full asset life cycle services to the energy industry. The transaction is likely to be completed in the first half of 2021, it adds.
By acquiring SNC-Lavalin’s oil and gas business, Kentech will provide the full suite of services through the lifecycle of an asset – from design and build, commissioning and startup, through to modification, maintenance and turnaround, as well as decommissioning services. It will help accelerate Kentech’s growth strategy and is part of the company’s efforts to address the challenges and opportunities of the global energy transition.
“With presence in key countries in the Americas, Europe and the Caspian, the Middle East and Africa and the Asia-Pacific region, this transaction enables Kentech to deliver its best-in-class services to clients across all global energy markets,” remarks its CEO John Gilley. “By investing now, we are strategically positioning Kentech as a leading energy services firm to take advantage of the next cycle of growth in the sector.”
With this acquisition, the company is well positioned to support moving its clients to new energy transition projects as the sector moves towards a cleaner and greener future, he adds.