Nesma & Partners, a Saudi Arabia-based contracting company, has signed a deal to buy energy sector-focused engineering and project management company Kent.
The financial terms of the transaction were not disclosed.
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Privately-owned Kent is based in Dubai and offers solutions for conventional energy, renewables, chemicals, low carbon and processing industries.
The company has been backed by Bluewater, an energy-focused investment company, since 2015.
Currently, Kent is said to generate $1.4bn (Dh5.1bn) in revenue from clients that include international energy, national oil, renewable energy and international petrochemical companies.
In collaboration with Kent, Nesma & Partners hopes to develop client-specific solutions that address their requirements throughout the project, such as consulting, design, building, commissioning, and start-up up till maintenance and decommissioning.
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By GlobalDataNesma & Partners president and CEO Samer Abdul Samad said: “This is an exciting time for our company as we look to expand our reach and capabilities.
“By leveraging the strengths of both companies, we are confident that we can deliver even more value to our customers and achieve our goals for growth and success.”
Kent CEO John Gilley said: “We are thrilled to embark on this next phase of our journey with Nesma & Partners. This agreement marks an exciting, groundbreaking development for Kent.
“Now, under the ownership of Nesma & Partners, the Kent brand and all our teams worldwide will have more opportunities to develop and grow our world-class life cycle services to our clients”.
The acquisition is expected to close by the end of 2023 and builds on the partnership between Nesma & Partners and Kent in 2022 when they set up an engineering, procurement and construction (EPC) joint venture, NesmaKent, for Saudi Aramco.
NesmaKent aims to develop EPC capabilities related to carbon capture, blue hydrogen and blue ammonia technologies in Saudi Arabia by creating an autonomous engineering centre of excellence.
