Dubai-based Kentech Corporate Holdings has agreed to acquire SNC-Lavalin's oil and natural gas services business for an undisclosed amount. The company could face an initial public offering in the next five years.Kentech Group has agreed to acquire the oil and gas business of SNC-Lavalin Group Inc. (SNC). The transaction includes the people and assets brought together via SNC’s acquisition of Kentz and other energy services companies, creating a group offering provide full asset life-cycle services to the energy sector, from design and build through decommissioning, with more than 10,000 employees.
Commenting on the transaction, Kentech CEO John Gilley said that “it gives us that engineering capability, but also the capability to get into the fast-growing energy transition space. Our clients are the four or five international oil companies and the national oil companies and we’re going to follow them as they move into their energy-transition strategy.”
The deal should go through during the first half of 2021 subject to regulatory approvals and other conditions. Kentech’s three main markets are engineering and projects; commissioning and start-up services; and turnaround, maintenance, and modifications. At the same time, Kentech is aiming to expand in markets including the US and Saudi Arabia.