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Saudi contractor Nesma & Partners has completed the acquisition of Dubai-based Kent, a global engineering and project management firm focussed on the energy sector.
Bluewater, the Dubai-based specialist energy private equity firm, announced on Thursday that it has completed the sale of Kent, which it had acquired in 2015
The Saudi company had announced the acquisition of Kent in August 2023.
Bluewater’s statement didn’t disclose the terms of the transaction.
Tom Sikorski, Founding Partner at Bluewater, said: “We have taken a business headquartered in Dubai, grown its footprint to every corner of the world, and have now sold to a major company in Saudi Arabia who is a strategic player in the region with international ambitions.”
The statement noted that under Bluewater’s stewardship, Kent’s revenues grow from $200 million to $1.4 billion in a little over eight years with Kent also acquiring SNC-Lavalin’s Oil & Gas business in mid-2021.
Kent’s four service lines comprise consulting; engineering and projects; commissioning, completions and start-up; and operations and maintenance targeting conventional energy, renewables, low carbon, chemicals and processing sectors.
Nesma & Partners offers full-fledged services in the industrial, energy, civil and buildings, and infrastructure sectors, plus electro-mechanical capabilities, according to past press.
According to a previous press statement on the acquisition by Kent, the two companies had established a joint venture in 2022, NesmaKent, as Engineering, Procurement and Construction (EPC) champion for Saudi Aramco, with emphasis on building an autonomous engineering centre of excellence in the Kingdom to develop new capabilities in EPC services relating to carbon capture, blue hydrogen, and blue ammonia technologies.
(Writing by Dennis Daniel; Editing by Anoop Menon)
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