Kentz has been awarded a €141m three-year contract with Qatar Petroleum, the announcement of which helped boost its share price by over 2% yesterday.
The Irish-founded engineering services group, which specialises in providing infrastructural support services for major oil and gas exploration companies around the world, will carry out the work via its engineering, procurement, and construction unit. The contract, which builds on a healthy relationship between the two companies, will see Kentz install and monitor industrial control systems for nearly 800 oil wells across Qatar’s Dukhan Oilfield.
Kentz will provide a dedicated supervisory control and data acquisition network infrastructure to monitor wellheads from designated stations, providing centralised real-time and historical wellhead data directly into Qatar Petroleum’s IT network. The work also includes the prevention of external corrosion damage to the well casings in the Dukhan field by installing an impressed current cathodic protection system.
“Kentz was awarded its first project with Qatar Petroleum in 1997 and since then has continued to execute numerous engineering, procurement and construction projects, engineering and enhancing Qatar Petroleum’s assets,” said Tush Doshi, Kentz’s COO. “We take great pride in this significant award.”
The news comes days after Kentz’s latest trading update, in which it said it was on track for double-digit earnings growth this year.
As of the end of October, Kentz had a record project backlog level, valued at €3bn, with a prospect pipeline valued at over $15bn.
The AIM-listed company’s share price was up by 2.4% yesterday to £5.55.