com:20090611:RnsK7168T
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RNS Number : 7168T  
  
Kentz Corporation Ltd  
  
11 June 2009  
  
Kentz Corporation Limited (the "Company")  
  
AGM Statement  
  
London, 11 June 2009: Kentz Corporation Limited (LSE: KENZ), the holding company 
of the Kentz engineering and construction group, is hosting its Annual General 
Meeting, relating to the year ending 31 December 2008, at 9.30am today at the 
Andaz Hotel, 40 Liverpool Street, London EC2M 7QN.  
  
At the meeting, Hugh O'Donnell, the CEO of Kentz will make the following 
statement:  
  
"I am very pleased to report that following a strong performance in 2008 Kentz 
has continued to go from strength to strength this year. Our balance sheet, 
global footprint and diversity of sectors position us well to capitalise on the 
opportunities that exist in our areas of operation for the remainder of 2009 and 
into 2010.   
  
For the first half of 2009 our trading is in line with market forecasts and we 
expect to see similar weightings for H1 2009 in line with H1 2008. The backlog 
as at the end of April 2009 was US$993.0m (Dec 2008; US$1003.8m). This has been 
generated by a total order intake from January to April 2009 in excess of 
US$200m. In addition, the Group has a very strong pipeline of additional 
prospects and we expect to convert a number of these into backlog during 2009. 
Below I have outlined some of these prospects, together with examples of the 
projects which have been completed or progressed in our four regions of 
operation.  
  
The Group's cash flow continues to be strong and, with virtually no debt on the 
balance sheet, we have a solid financial base to support our operations through 
2009 and finance our growth plans for the future.   
  
The global expansion of our three business lines, Specialist Engineering, 
Procurement and Construction (EPC), Construction, and Technical Support 
Services, into Global Business Units (GBUs) is progressing well. A substantial 
part of this internal reorganisation has taken place during the first five 
months of this year. It has already presented new opportunities with our 
existing clients, in both new and existing areas, contributing further to our 
pipeline of prospects.   
  
Middle East Region:  
  
The region remains our largest area of operation and a focus for new projects 
being developed by both national and international oil companies. Kentz 
continues to be involved in a number of key projects in the region as well as 
being awarded new contracts in 2009 in Qatar, Saudi Arabia and Abu Dhabi.  
  
Qatar  
  
 
We are currently working with our clients on several gas development projects 
delivering EPC, construction and technical support services. The most 
significant being the Shell Pearl GTL Project in Ras Laffan where Kentz has a 
number of contracts in operation. The award last year of the US$208 million 
Sidra contract means we have a good base of work for our Qatar engineering 
office over the next three years. This office is also being used very 
effectively as a delivery centre for engineering to support the global expansion 
of our Specialist EPC Business Unit. We have continued to receive ongoing 
projects from Qatar Gas as highlighted in our recent announcement on the Berth 6 
project. There are a number of proposals in progress for each of our three 
Business Units throughout Qatar.   
  
Saudi Arabia  
  
The Khurais oil and gas and water injection project was completed on schedule 
earlier this year. Since then we have become closely involved in the provision 
of services to the Saudi Kayan Petrochemical facility in Jubail. Recent contract 
awards on this project are worth around US$20m in revenue to Kentz. Our 
engineering and consultancy services contract with the Royal Commission of 
Jubail and Yanbu is progressing very well with significant advancements in the 
design of several of the infrastructure packages at the Jubail 2 site.  We have 
also recently been awarded the E&I scope of work by Saudi Polymers Company 
related to the utilities and offsite works for its new NCP Project and have 
proposals in place to participate in some of the upcoming "mega-refinery" 
projects that are planned in two separate locations.   
  
Abu Dhabi  
  
 
We see the Abu Dhabi market as an area of growth for Kentz in 2009/2010 and have 
a number of proposals submitted with the National Oil Companies from our 
Specialist EPC Business Unit.  
  
Arctic and New Areas Region:  
  
Sakhalin  
  
Kentz continues to deliver services on the Sakhalin 1 and Sakhalin 2 oil and gas 
developments with Exxon Neftegas and Sakhalin Energy respectively. We have 
secured ongoing service contracts on the Odoptu well site, and both our Russian 
joint venture companies are active on this project. Kentz Russia LLC has secured 
ongoing work at the various booster stations on Sakhalin 2. In addition, we are 
currently bidding for the secondary gas distribution packages for the upcoming 
second phase development on Sakhalin Island.   
  
Canada  
  
Kentz has recently received an order for engineering services work for 
Telecommunication Systems on one of the Oil Sands projects in Alberta Canada. We 
are currently in discussions for the provision of Electrical and Instrumentation 
services on the same project.  
  
African Region:  
  
Work has commenced on the US$250m Medupi project with off-site fabrication well 
under way and on-site establishment in place. Kentz maintenance and turnaround 
services division have been very successful during the first quarter picking up 
overall management and execution service contracts with several of the major gas 
to liquid, coal to liquid and refining clients, which are putting their 
facilities through major refurbishment programs this year ahead of next year's 
World Cup event. The total value of these contracts to Kentz in revenue terms is 
in the order of US$25m  
  
Earlier this year we secured engineering contractor status with Sasol and have 
gone on to win two small EPC projects, which commence our activities under this 
new agreement.   
  
Australasia, Caribbean and Europe Region:  
  
In the Asia Pacific there are currently six 'mega' LNG processing facilities 
either under development or in implementation. All are large and complex in 
global terms.  Kentz is well advanced in discussions with one of these operators 
for participation in a Specialist EPC package. In addition we are involved in 
bidding activity on another three of these projects.  
  
The diversity of our operations and a relentless focus on our core clients 
continues to be a winning formula, providing a strong demand for our services 
across the oil and gas and petrochemical sectors. Despite the challenging 
environment the Board remains confident that we will continue to grow and 
develop across our Global Business Units and is positive about the outlook for 
2009 and beyond."  
  
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  
  
Chris Sim  
  
Tim Redfern  
  
Powerscourt (PR advisors)   Tel: +44 (0)20 7250 1446  
  
Elizabeth Rous  
  
Rob Greening  
  
About Kentz  
  
Kentz is a global engineering specialist solutions provider, which serves a blue 
chip client base primarily in the oil and gas, petrochemical and mining and 
metals sectors. It is listed on the AIM market of the London Stock Exchange 
(symbol: KENZ). In the year ending December 2008, the company generated revenues 
of $643.4 million and profit before tax of $40.7 million.  
  
Kentz has over 10,000 employees in 23 countries. Its three main business lines 
are; specialist engineering, procurement and construction (EPC) services, 
construction, and technical support services. It has a proven track record of 
delivering mechanical, electrical, controls and instrumentation engineering, 
construction and management services in some of the most remote locations on 
earth.  
  
Kentz was recently awarded the 2008 AIM Award for Best Newcomer.   
  
Please find further information on the Kentz website www.kentz.com  
  
 
This information is provided by RNS  
  
The company news service from the London Stock Exchange  
  
  END  
  
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