Energy services firm Kentech has struck a deal to buy Canadian engineering company SNC-Lavalin’s oil and gas division.
Kentech, headquartered in Dubai, UAE and backed by Blue Water Energy, expects to complete the acquisition in the first half of 2021.
The deal will increases Kentech’s geographical footprint and headcount to more than 10,000, as well as boosting its backlog to $1.1 billion.
Blue-chip clients of the enlarged business will includes ADNOC, BP, Chevron, ExxonMobil, KOC, Qatar Petroleum, Saudi Aramco and Shell, as well as petrochemicals firms INEOS, LyondellBasell and Nova Chemicals.
Kentech chief executive John Gilley said: “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.
“We are accelerating our growth strategy by several years by acquiring additional expertise, a wider global reach, and improving our technical differentiation but importantly, never compromising on our operational and geographical agility which is paramount for our joint key clients.”
“Also, we are actively addressing the challenges of the global energy transition and this acquisition has given us an entry point to realise our long-held ambitions to become a significant player in this space. It is an area of business that our clients will be investing heavily in.”