Dubai-headquartered energy services company Kent has signed a binding agreement to acquire Aberdeen-headquartered reservoir management specialist Exceed, the companies announced on Thursday.
The acquisition strengthens Kent’s presence in the market for decommissioning services, in which global annual spend is projected to grow from USD 8 billion to USD 16 billion by 2035, driven by the retirement of offshore infrastructure.
Based in Aberdeen, Exceed is one of just three licensed UK well operators and has operations in more than 40 countries. To date, the company has drilled more than 70 wells and decommissioned more than 150. Exceed also has experience in repurposing reservoirs for carbon capture and hydrogen storage, services which complement Kent’s low-carbon expertise.
“Exceed’s specialist capabilities in well and reservoir management, coupled with their strong reputation in decommissioning, complement our vision of offering full lifecycle services to our clients. Together, we will be uniquely positioned to help the industry navigate energy security, net-zero mandates and the safe retirement of offshore assets,” said John Gilley, CEO of Kent.
“Joining forces with Kent is the natural next step, providing the management support and global reach to scale our expertise to new markets while preserving the same culture, entrepreneurial spirit and values that define us,” added Exceed managing director Ian Mills.
The companies did not disclose the financial terms of the deal.
Kent was acquired in January 2024 by Nesma & Partners, a Saudi contractor for the oil and gas, construction and infrastructure sectors, but has continued to operate as a standalone entity. Nesma & Partners is partly owned by Saudi sovereign wealth fund PIF.
Source: theenergyyear.com