Kent Completes Acquisition of SNC-Lavalin Oil & Gas Division, Gaining Strong Foothold in the Energy Transition Space.
Kent (or the “Company”), a leading international integrated energy services partner formerly known as Kentech, provides the following updates:
- Kent raised $65 million; balance sheet fully funded to support new strategy
- Closing of transaction delivers in excess of $500m in new contractual awards in H1 2021
- Rebranding to Kent from Kentech reflects 100-year-old history
Kent completes an acquisition of the majority of SNC-Lavalin’s oil and gas division, gaining a strong foothold in the energy transition space. Kent aims to expand the energy transition mix within the overall business alongside its clients’ transition.
- Change of name to Kent as part of a major rebrand.
- 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 closing will deliver in excess of $500 million in new contractual awards secured across all our regions and service offerings during H1 2021.
- 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.
John Gilley, Chief Executive Officer, Kent, said:
“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.”
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.”
Kent Group (“Kent”) is a privately-owned international integrated energy services partner headquartered in Dubai, UAE and backed by Bluewater. Founded in 1919 as a small family business in Ireland, Kent is now a 10,000-strong client-centric global business. It delivers sustainable and innovative engineering services and project delivery solutions for the oil and gas, industrial, renewables and low carbon industries.