Saudi PIF-backed Nesma to Acquire Dubai-based Private Energy Firm

Nesma & Partners Contracting Company Ltd, which is partly owned by Saudi Arabia’s SWF Public Investment Fund, on Tuesday signed an agreement to acquire Kent, a Dubai-based private energy firm.

Completing this share purchase agreement marks a significant milestone for both companies. It sets the stage for their next growth cycle and helps them achieve their purpose, building a brighter, more sustainable future for the world. The financial details of the deal were not disclosed by both companies.

The merger will meet the evolving needs of clients in an increasingly competitive marketplace across the entire project lifecycle, from consulting to design, build, commissioning, and startup through to maintenance and decommissioning.

The completion is expected to be over by end of this year, subject to regulatory approvals and satisfaction of customary closing conditions, at which time Nesma & Partners will become the owner of Kent.

Kent is a privately-owned engineering and project management firm in the energy sector. A $1.4 billion-dollar revenue business, it competes for recognised value-based service contracts covering complex and technical solutions for the conventional energy, renewables, low carbon, chemicals, and processing sectors.

Operating for over 40 years, Nesma & Partners has an established track record of success in delivering some of Saudi Arabia’s biggest industrial and infrastructure projects for a wide range of clients in the public and private sectors, including Saudi Aramco, the Public Investment Fund, NEOM, GACA, Ministry of the National Guard, Royal Commission, and the Ministry of Defence.

As a leading contracting company, Nesma & Partners offers full-fledged services in the industrial, energy, civil and buildings, and infrastructure sectors, plus electro-mechanical capabilities.

Nesma & Partners and Kent began collaborating in June 2022 to exploit their respective strengths when they established a Joint Venture, NesmaKent, as EPC champion for Saudi Aramco. Its goal is building an autonomous engineering centre of excellence in Saudi Arabia to develop new capabilities in engineering, procurement, and construction services relating to carbon capture, blue hydrogen, and blue ammonia technologies.

Under the ownership of Nesma & Partners, Kent will be positioned and resourced to accelerate the delivery of its ambitious strategy. There will be no changes to the decision-making autonomy structure of Kent or its core service offering.

The current leadership team will remain in place and continue to deliver world-class services to the energy industry through four well-established service lines: consulting; engineering & projects; commissioning, completions & start-up; and operations & maintenance.

Promises World Class Services

Nesma & Partners’ President & CEO Samer Abdul Samad said that they were impressed with the growth and achievements of Kent so far and looking forward to supporting the Kent business to not only continue but supercharge its current trajectory of success. 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.

“The new agreement will create a solid and dynamic portfolio for Nesma & Partners that is well-positioned to take advantage of the many opportunities that lie ahead. With a shared commitment to excellence and a dedication to delivering world-class services, the two companies are poised to achieve great things in the future,” Ahmed added.

Kent’s CEO John Gilley said that the agreement marks an exciting, ground-breaking development for Kent. With the backing and support of Bluewater over the past eight years, we have been able to cement our position as a leading global energy services provider.

“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 lifecycle services to our clients,” he added.