Kentz shares fall on back of €90m Fluor Kuwait deal
IRISH engineering group Kentz has struck a $125m (€90m) five-year deal with Fluor Kuwait Company.
Shares in the Clonmel-based firm rose slightly on the London Stock Exchange after the announcement yesterday morning.
Kentz Corporation, the holding company of the Kentz engineering and construction group, announced the award of the major five-year cost reimbursable contract.
"We are very pleased to have been awarded this major contract that once again demonstrates our ability to win repeat business with core clients," said Tush Doshi, group president of the engineering and projects business unit for Kentz.
"Our focus on client delivery continues to see long-term benefits for the group and we are delighted to be continuing our long-standing relationship with Fluor in Kuwait, a region where we have served the needs of capital projects since the early 1980s."
Under the terms of the contract, Kentz will supply multi-discipline technical and supervisory personnel on a reimbursable basis to meet Fluor's supplementary manpower requirements on a Fluor contract for Kuwait Oil Company.
The reimbursable contract will be executed through Kentz's engineering and projects business unit.
Fluor is one of the world's largest engineering, procurement, construction (EPC), maintenance, and project management companies while Kuwait Oil Company is involved in the exploration, drilling and production of oil and gas within the state of Kuwait.