The Directors of Kentech are delighted to announce strong operating results for 2017. For the year ended December 2017, Kentech recorded revenue of USD 234.1 million and EBITDA of USD 18.1 million.
Kentech’s Total Recordable Incident Rate (TRIR) for 2017 was 0.131 (2016: 0.328), a 60% year-on-year reduction. Total man-hours executed during 2017 were 9.1 million, 1.2 million hours more than in 2016.
Kentech’s sales pipeline continues to be robust with a value in excess of USD $3bn. During 2017, the Group was awarded incremental works and contract extensions from its clients on many projects as a result of strong performance, this included works on Wheatstone LNG in Australia and Odoptu Stage 2 in Sakhalin plus further works from Shell in the Netherlands and on a number of projects in Kuwait. New awards also included capital project works in Kazakhstan plus a further Master Service Agreement (MSA) with a leading International Oil Company. The Group was also awarded a series of yard related awards in the Middle East. Kentech also commenced commissioning planning services for a major North African gas facility.
Key focus areas for the service lines are:
The Company thanks all stakeholders for a positive 2017 and looks forward to a positive and safe 2018.
Kentech is a speciality service provider to the Energy and Industrial sectors. The Group’s three service lines offer clients a range of solutions for large scale capital expenditures through to the steady state operational phase of industrial asset development and ongoing upgrades, modifications and expansions.
The Group’s three service lines are:
Kentech’s revenue stream is equally balanced between the three service lines and the client base comprises of leading International Oil Companies (IOCs), large scale National Oil Companies (NOCs), plus a select number of Engineering Procurement and Construction companies (EPCs) and Other Equipment Manufacturers (OEMs). Kentech is a culturally diverse company with 32 nationalities forming its employee base of approximately 4,000. The Group’s permanent geographical footprint includes Australia, Azerbaijan, Georgia, Ireland, Kazakhstan, the Kingdom of Saudi Arabia, Kuwait, the Netherlands, Oman, Qatar, Russia & the Sakhalin Island and the United Arab Emirates (UAE). In addition Kentech provides STS services to its core clients for specialty projects wherever they may be required.