Blue Water Energy (BWE) has been partnering with Kentech since 2015 and due to the success of Kentech’s performance in challenging global conditions, we are delighted to announce that the planned conversion of BWE’s investment from a loan basis to part ownership through the holding of equity has now become a reality. This is fantastic news for Kentech as it positions us very well to accelerate growth with a robust, strong balance sheet, continued strong performance and a healthy backlog for the coming years.
Sarah Kent, Kentech CEO, commented: "It is great that BWE have decided to convert their loan in Kentech to equity. The decision from BWE to convert shows what we have managed to achieve over the past 3 years since BWE became involved. Thanks to the support from BWE, we have been able to go on demonstrating that Kentech is a great company with the potential and ability to further grow and expand over the coming years. This is a really exciting time for Kentech, with more confidence in the stability of oil prices, the IOC’s and NOC’S are beginning to make decisions on new investments; so we will be seeing our pipeline of opportunities growing. Being one of a few companies that managed to grow in the downturn, we plan to take the best advantage of this upturn in the market".
Mark Dickinson of Blue Water Energy, and Non-Executive Director of Kentech commented: “Since BWE partnered with Kentech back in the middle of 2015, we have seen the company grow and strengthen all aspects of the business. This growth strategy has been planned and well executed by the team and this has all been achieved in a time where the market conditions were the poorest experienced for many years. Kentech has delivered strong performance on numerous large-scale projects across the world, all underpinned by their ethos of going above and beyond for their key clients. The company has expanded it's service offering through the establishment of STS (Specialist Technical Solutions) and it has also grown its’ TMM (Turnaround, Maintenance & Modifications) service line by over 100%, whilst still maintaining its core strength of safely delivering large scale E&I contracts through its CHU (Construction, Hook Up and Commissioning) services. Sarah and the team at Kentech have built a business with very solid foundations which now has enormous growth potential. Much of this has been achieved by the very solid family values that underpins the Kentech business. We are delighted to have partnered with the Kentech team and look forward to sitting side by side with them for the next phase of this journey”.