|
 |
News |
 |
|
| |
Email this article |
 Printer Friendly Version
|
| |
Kentz Partners Dubai Firm for Oil and Gas Jobs |
| |
02/03/2009 10:24:13 AM |
| |
|
| |
| |
IRISH-MALAYSIAN engineering group Kentz has forged a collaboration with GPS Inc of Dubai, the United Arab Emirates (UAE), to capitalise on lucrative oil and gas businesses.
The two companies established a joint-venture company recently, Kentz Global Oil and Gas Process Systems Ltd, with each holding a 50 per cent stake in the entity.
According to a statement made available to Business Times, the joint-venture company, based in the Middle East, was set up for the purpose of marketing, tendering and undertaking onshore contracts in the oil and gas and related industries.
Kentz Global Oil and Gas Process Systems will offer turnkey solutions on an engineering, procurement and construction (EPC) basis, focusing on onshore Middle East, Africa and the Caspian.
The statement said GPS and Kentz had previously worked together on the delivery of front-end engineering and design studies for process plants in Iraq and Yemen.
GPS group chief executive Clint Elgar said Kentz has a fantastic track record of project management and expertise in utility systems infrastructure, as well as a broad range of experience of doing projects in remote locations.
"We look forward to combining our strengths and progressing projects together in future," he said.
Kentz, meanwhile, is said to be looking to buy a US oil and gas service company, which would be the group's first acquisition since listing on the London's Alternative Investment Market in February last year.
A company spokesman said the proposed acquisition would add process EPC to Kentz's offering.
"This US company's core skill is the floating, production, storage and offload topsides," the spokesman said, adding that the target company has operations in Asia and generates revenues in the range of US$40 million to US$50 million (RM144 million to RM180 million) a year.
The group reported a pre-tax profit of US$16.8 million (RM60.5 million) in the first six months of 2008, up 52.2 per cent from US$11.1 million (RM40 million) in the first half of 2007.
Kentz has contracts for future work worth US$2 billion (RM7.2 billion), US$500 million (RM1.8 billion) more than at December 31 2007.
Incorporated in Jersey, Kentz is owned by its management and Malaysia's Peremba group - which holds a 24 per cent stake - and has 7,000 staff in over 20 countries.
|
| |
Source:.Istockanalyst.com |
news |
| |
Email this article | Printer Friendly Version |
|
 |
| |
|
|
|
| Current Events |
 |
|
| DubaiGetaway |
 |
|
| Featured Links |
| |
|
|
|
