| 1.2°C Dublin

Kentz orders flow in as oil demand rises

CLONMEL-based global engineering firm Kentz said its order book backlog rose to nearly $1.5bn (e1.1bn) at the end of December.

This compares with $1bn in the same month a year earlier, and the company said it expected full-year 2009 results to be in line with expectations.

Shares in the AIM-listed company jumped more than 5pc in London at one stage yesterday before closing up 3.3pc at £2.17 (e2.50).

The company generates about 30pc of its revenue from oil majors such as Shell and Chevron, while it has also worked with companies including Irish mining firm Kenmare Resources in Mozambique.

The bulk of its revenue is currently sourced from the Middle East. It is majority-owned by Malaysia's Peremba Group.

Chief executive Hugh O'Donnell said yesterday that Kentz had delivered a "solid performance" during 2009, despite volatility in world markets.

He added that global demand for oil was "on track for year-on-year growth" for the first time since the early part of 2008.

Irish Independent