Kentz wins 55 million dollars' service contracts in Iraq

FTSE 250-listed Kentz Corporation, the holding company of the Kentz engineering and construction group, has been awarded three individual, reimbursable, service contracts in Iraq with a total value to Kentz of approximately 55 million dollars, through the company's Technical Support Services business unit.

FTSE 250-listed Kentz Corporation, the holding company of the Kentz engineering and construction group, has been awarded three individual, reimbursable, service contracts in Iraq with a total value to Kentz of approximately 55 million dollars, through the company's Technical Support Services business unit.

The company will be working on both new and existing upstream facilities, based in the Basra and Baghdad areas. Kentz will provide services to oversee the development of in-plant process facilities and infrastructure to deliver a combined increase in production capacity of approximately 250,000 barrels per day of oil and 300 million standard cubic feet of gas over the next three-to-four years.

The awards are in-line with Kentz's stated strategy to grow its presence in the Iraqi hydrocarbons market.

Mike Murphy, Chief Operating Officer for Technical Support Services at Kentz, commented: "We are delighted to have been awarded a succession of new contracts in Iraq, which underpin our continued focus on the Middle East region and the opportunity that we highlighted to the market.

"Iraq has the third largest proven oil reserves in the world and Kentz is well positioned to support key clients through in-country resources and a proven track-record of delivery, backed up by a global supply network of engineering and procurement resources."

MF

Recommended

3 emerging market dividend stocks to buy now
Share tips

3 emerging market dividend stocks to buy now

Professional investor Omar Negyal of the JPMorgan Global Emerging Markets Income Trust picks three of his favourite emerging market stocks for income …
4 Oct 2022
Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
These 3 top value stocks offer
Share tips

These 3 top value stocks offer

Professional investor Adam Rackley of Cape Wrath Capital highlights three overlooked value stocks to buy.
29 Sep 2022

Most Popular

Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
Should you fix your mortgage? Here are the best rates available now
Mortgages

Should you fix your mortgage? Here are the best rates available now

Rising interest rates look set to spring a nasty surprise on millions of homeowners next year. You need to take steps today to protect yourself from a…
30 Sep 2022
Why everyone is over-reacting to the mini-Budget
Budget

Why everyone is over-reacting to the mini-Budget

Most analyses of the chancellor’s mini-Budget speech have failed to grasp its purpose and significance, says Max King
29 Sep 2022