Blue Water-backed Kentech to Buy SNC-Lavalin's Oil and Gas Business

Share:

February 9, 2021
Credit: Kentech

Credit: Kentech

SNC-Lavalin Group Inc said on Tuesday it would sell its oil and gas business to Kentech Corporate Holdings Ltd, an energy services company backed by private equity firm Blue Water Energy, and focus on its high-performing engineering services.

The construction and engineering firm had announced restructuring actions in July 2019, including plans to exit fixed-price contracts to reduce its risk profile.

While the deal is expected to close in the second quarter of 2021, Montreal-based SNC-Lavalin expects a fair value write-down in the range of $260 million to $295 million, almost entirely non-cash in nature, in the fourth quarter of 2020.

The company said in a statement its resources unit will mainly comprise service projects in the mining and metallurgy division.

Kentech expects the deal to accelerate its revenue growth to $1 billion on a proforma basis by the end of 2021. 

(Reporting by Shreyasee Raj in Bengaluru, Editing by Sherry Jacob-Phillips)

No comments

More Popular Posts

About Crude Oil Facilitators

Crude Oil Facilitators are dedicated global brokers and facilitators of crude oil buying and selling. We work directly with crude oil buyers and crude oil sellers worldwide. We are a United Kingdom and Nigerian based firm, privately owned and devoted to the brokering of crude oil and other petroleum products buying and selling.

We have buyers and sellers of;

1. Nigerian Bonny Light Crude Oil, BLCO

2. D2 Diesel Fuel, JP54 Jet Fuel, Mazut etc.

3. Saudi Light Crude Oil, SLCO

4. Iraqi Light Crude Oil

If you are a buyer or seller of crude oil or other petroleum products or have mandate to buy or sell any of the above oil products, do contact us because we could be of help.

To contact Crude Oil Facilitators, click here ». To learn more about Crude Oil Facilitators, click here


Crude Oil Facilitators