Kent, a leading international integrated energy services partner, 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.
The company has changed its name to Kent as part of a major rebrand. It also 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.
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 organisations.
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.
“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.
“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.”
The company’s blue-chip 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. It is one of the few companies with sufficient scale, depth of services offering and global reach to take on relevant projects.
As part of the acquisition Kent has gained a strong foothold in the energy transition space via its acquisition of the oil & gas capabilities (including offshore wind, hydrogen, CCUS, and low carbon solutions) of the former Atkins business. Kent aims to expand the energy transition mix within the overall business alongside its clients’ transition.
John Kent, Chief Energy Transition Officer, Kent, commented: “We have gathered some of the brightest minds in the energy transition business to help accelerate the world to a cleaner future. Harnessing the talent of our team we are partnering with our clients to deliver their ambitious plans over the coming decade to deliver the transition in a sustainable way.”
Ben Jones, Chief Financial Officer, Kent, added: “This announcement marks an important milestone in our corporate history. The successful fundraise and acquisition will enable us to substantially increase our global footprint and to take on larger, more complex projects. The fundraise also demonstrates the strength of investor interest and confidence in Kent and its long-term value proposition. I would like to welcome all our new investors and thank our existing shareholder, Bluewater, for their ongoing support and commitment to our growth strategy.”-- TradeArabia News Service