Fundraising and project wins
Kent successfully completed a senior secured private bond placement totalling $65 million. The proceeds will be used to fund the acquisition of the SNC oil & gas business and provide headroom for working capital. As part of the acquisition, Bluewater has committed to a further capital injection, signalling strong shareholder commitment.
The combined business will also deliver in excess of $500 million in new contractual awards secured across all our regions and service offerings. Furthermore, these wins provide Kent with substantial growth visibility and allows us to focus on new opportunities going into the second half of the year as well as providing a major boost to our current backlog.
Ben Jones, Chief Financial Officer, Kent, added:
“This announcement marks an important milestone in our corporate history. The successful fundraise and acquisition will enable us to substantially increase our global footprint and to take on larger, more complex projects. The fundraise also demonstrates the strength of investor interest and confidence in Kent and its long-term value proposition. I would like to welcome all our new investors and thank our existing shareholder, Bluewater, for their ongoing support and commitment to our growth strategy.”