Dubai-based Kentech Corporate Holdings has agreed to acquire SNC-Lavalin’s oil and natural gas services business for an undisclosed amount.
The sale is set to close in Q2 2021, Bloomberg reported, creating a company with a $1.1 billion project backlog. The company could face an initial public offering in the next five years.
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.”
Kentech is aiming to expand in markets including the US and Saudi Arabia. The company was founded in 1919 in Ireland, and is an engineering and contracting service company based out of Dubai.
