Toronto-listed SNC-Lavalin has completed the closing of the sale of its Resources Oil & Gas business on August 15, following receipt of Saudi Arabian regulatory approval.
SNC-Lavalin previously said that it had closed the sale of a substantial portion of its Resources Oil & Gas business on July 29, following its binding agreement with Kentech - later renamed to Kent - announced on February 9, 2021. The Company indicated it expected full closing to be completed by the end of Q3 2021.
“The closing of the sale of all activities related to our Resources Oil & Gas business allows us to focus our ongoing efforts on executing our strategic direction announced more than two years ago,” said Ian L. Edwards, President and CEO, SNC-Lavalin Group Inc. “Our business is now realigned on growing our high potential core Engineering Services, which includes the Engineering, Design & Project Management, Nuclear and Infrastructure Services segments.”
“We look forward to working closely with our employees, suppliers and clients to develop innovative solutions to engineer a better future for our planet and its people. I would like to thank all the Resources Oil & Gas employees for their dedication and hard work over the years, and wish them much success with Kentech,’’ said Edwards.
Kent, the buyer, said in July, that the combined business had secured in excess of $500 million in new contractual awards across all its regions and service offerings year-to-date.
The company’s client base comprises IOCs, NOCs and independent energy and chemical companies operating across the Americas, Europe and the Caspian, the Middle East & Africa, and Asia-Pacific. It currently has over 80 active projects across 24 countries.