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SNC-Lavalin completes divestiture of its oil and gas activities

SNC-Lavalin completes divestiture of its oil and gas activities

Montreal-based engineering firm SNC-Lavalin turned a page in its history this weekend by completing the sale of its oil and gas business.

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It announced on Monday that its agreement with Kentech Corporate Holdings Limited, which it announced on February 9 to sell these activities, was fully realized on Sunday after receiving regulatory approval from Saudi Arabia for its Saudi stake.

The sale of a large portion of SNC-Lavalin’s oil and gas company to Kentech completed last month, pending approval by Saudi Arabia for the rest, about a quarter, in terms of income.

The transaction amount is not specified.

Edwards, President and CEO of SNC-Lavalin Group, said, “The closing of the sale of all oil and gas resource businesses allows us to focus our ongoing efforts on implementing our strategic directions announced more than two years ago.” Our business is now being reorganized as our core high potential engineering services grow, spanning the engineering, project design and management sectors, nuclear power and infrastructure services. “

In February, when announcing the sale of its oil and gas activities, which were part of the resources sector, SNC-Lavalin noted that “the remaining activities of the resources sector will consist primarily of service projects in the mining and minerals sector.”

Kentech is a company that was incorporated in Ireland in 1919. It has a business center in Dubai, UAE.