com:20080610:RnsJ3466W
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RNS Number : 3466W  
  
Kentz Corporation Ltd  
  
10 June 2008  
  
10 June 2008  
  
Kentz Corporation Limited  
  
AGM Statement  
  
Jersey, 10 June 2008: Kentz Corporation Limited ("Kentz" the "Company"), the 
holding company of the Kentz engineering and construction group ("the Group"), 
is holding its Annual General Meeting relating to the year ending 31 December 
2007 at 10.00am today at The Radisson SAS Waterfront Hotel, Rue de L'Etau, St. 
Helier, Jersey, JE3 3WF, Channel Islands.   
  
At the meeting, CEO, Hugh O'Donnell, will make the following statement:  
  
"We are very pleased to report that the Group's strong performance in 2007 has 
continued into 2008. This, combined with the positive outlook for the sectors in 
which we operate, gives the board of Kentz great confidence for the Group's 
ongoing growth and development.   
  
The backlog after the first four months of trading in 2008 has increased by 
38.6% to US$827.0 million, up from US$596.4 million at the end of 2007 and in 
line with expectations. In addition, the Group has a very strong pipeline of 
additional prospects which we expect to convert to backlog during 2008. I have 
outlined below in further detail some of these prospects together with examples 
of some of the projects which have been completed or progressed in our four 
operating regions.   
  
Middle East:  
  
The region continues to experience rapid expansion, with new projects being 
developed by both national and international oil companies. This has been our 
strongest growth area in the recent past, and our continued presence throughout 
the countries in the region including Qatar and Saudi Arabia where these 
developments are taking place provides significant opportunities for the 
future.  
  
Qatar:   
  
We are currently working with our clients on several gas development projects 
delivering EPC, construction and technical support services. With the recent 
award of the US$208million Sidra contract, which is included in the updated 
backlog figure above, we have secured a good base-load of work for our Qatar 
engineering office over the next three years, providing a solid platform from 
which to develop further.   
  
Saudi Arabia:   
  
We are heavily involved in the construction of the Khurais project, which has an 
estimated production rate of 1.2 million barrels per day and is set to be the 
largest field in the world. As a result we are well placed to participate in 
some of the upcoming "mega-refinery" projects that are planned in three separate 
locations. We are also working on various downstream projects such as the 
SipChem EPC off-plots and facilities project in Jubail.   
  
Arctic and New Areas:  
  
 Sakhalin:   
  
Services being performed by Kentz continue on the two major oil and gas 
developments. We have secured ongoing maintenance and services contracts on 
both, and have also established two new Russian joint venture companies to 
implement the next phases of the projects. In both cases Kentz is assuming the 
role of project leader.   
  
 Canada:  
  
Several of the Oil Sands projects under consideration are reaching the financial 
investment decision stage, which will provide several prospective opportunities 
for Kentz.  
  
Africa:  
  
Kentz has successfully provided construction services for the Mining and Metals 
projects that are being developed in the region, including the Rio Tinto 
Ilmenite project in Madagascar and the Kenmare Moma Sands project in Mozambique. 
  
  
We have completed a number of maintenance and turnaround service programs with 
several of the oil companies in coal to liquid facilities, refineries and 
petrochemical plants.  
  
The Group's integrated solutions division has delivered on its EPC objectives 
for Sierra Rutile in Sierra Leone and Xtrata in South Africa.  
  
Australia:  
  
There are six 'mega' LNG processing facilities either under development or in 
implementation, each world scale in size and complexity.  Kentz is well 
positioned to participate in these new projects, given our track record of 
delivering projects throughout Australia and our international experience of 
working on LNG projects.  
  
The Group's cash flow continues to remain strong, with no debt on the company 
balance sheet. This provides a very sound financial base from which to finance 
our growth plans into the future. Our strategy is to become self sufficient in 
the delivery, on an EPC basis, of entire small to mid-size process plants for 
both onshore and offshore Oil and Gas developments.   
  
We therefore remain focused on completing a strategic acquisition in the oil and 
gas upstream industry. Once this has been achieved we intend to roll out the 
additional business line throughout the Kentz global footprint of operations to 
service our international and national clients. We see tremendous opportunities 
in the Oil and Gas sector for companies like ours that possess capabilities to 
deliver in-house EPC and construction solutions to clients for infrastructure 
and process plants.  
  
We continue to see strong demand for our services across the Oil & Gas, 
Petrochemical and Mining and Metals sectors in the regions in which we operate. 
The Board is therefore confident that we can continue to grow and develop across 
all our business lines and, as a result, reward our shareholders for their 
continued support.'  
  
  For more information about Kentz please refer to our website www.kentz.com or 
contact   
  
Evolution Securities Limited (Nomad)     Tel: +44 (0)20 7071 4300  
  
Rob Collins  
  
Tim Redfern  
  
Powerscourt (PR advisors)   Tel: +44 (0)20 7250 1446Rory GodsonElizabeth Rous  
  
About Kentz  
  
Kentz listed on AIM on 5 February 2008, raising a total of £66.7m (US$ 131.8m) 
before costs for the Company and its selling shareholders. The Kentz Group 
provides a wide range of engineering and construction services, principally in 
the oil services sector. Our core clients include international oil companies, 
national oil companies and leading engineering and project management companies 
with projects in over 20 countries. Kentz business lines are divided into three 
areas, providing specialist engineering, procurement and construction (EPC) 
services, construction and technical support services.  
  
Kentz currently has approximately 9,000 employees' worldwide delivering projects 
for our core clients in the Middle East, Southern Africa, Australia, Far East 
Russia, the Caribbean, South East Asia, USA, Canada and Europe. For operational 
purposes the Group divides its operational management centres into four 
regions:  
  
 
 * Middle East; 
 * Africa; 
 * Arctic Region and New Areas (containing FSU/Russia, the Caspian region and 
Canada); and 
 * Australasia, Europe and the Caribbean.  
  
Kentz will announce its interim results for the six months ending 30 June 2008, 
in September 2008.  
  
This information is provided by RNS  
  
The company news service from the London Stock Exchange  
  
  END  
  
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