John Gilley, CEO at Kent, sat down Upstream at the recent Gastech 2023 event in Singapore to discuss, Kent's growth strategy, sustainability efforts and revenue diversification.
Operating across three main markets - conventional energies, low carbon and renewables, and process and chemicals - Kent reported $1.4 billion in revenues in 2022, with a goal of reaching an even split between its three markets by 2025. With this goal in mind, Kent has it's eyes on increasing revenues from Offshore Wind projects:
We are looking at ways of increasing our slice of the pie of that business. One of those might be in offshore wind substations, which would be a much larger contract. The consulting side of a wind farm might be $4 million or $5 million [while] the offshore substation could be $100 million.
Gilley has the same optimism as he discusses Kent's current involvement in the hydrogen industry:
For the moment, we're not constructing very much of it, but we are conceptualising it. And should they go ahead, we would hope that we have the ability to actually build them [hydrogen projects]. And that will dramatically increase the percentage [of our revenues].”
And, the future is bright for Kent, with the announcement of new ownership following Nesma & Partner's acquisition of 100% of Kent's shares:
Our new owner has the balance sheet for us to go on and acquire other things. We are thinking about bolting on additional capability, especially in the likes of hydrogen and carbon capture.”
To read more of John's discussion with Upstream, click here.