Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Kentz seeks more deals
Chris Brown, incoming chief executive of engineering and construction group Kentz Corporation (KENZ), expects 2012 to bring more acquisitions.
An English veteran of major US sector player Kellogg Brown and Root, Brown (no relation), he joined Kentz as operations chief last year from the multinational Foster Wheeler group and takes the helm next month from Hugh O'Donnell, who has steered the company for 12 years and the other day announced a 50 per cent increase in the company's year-end order backlog to $2.4 billion and indicated 2011's revenues and profits would be 'marginally ahead of consensus expectations'.
Kentz, which made $67.5 million (£42 million) on £1 billion revenues in 2010 and lifted pre-tax profits nearly 50 per cent to £37.7 million in the first half of last year, cites cash of around $223 million at the end of December and a prospect pipeline of more than $10 billion. Noting strong demand for its management services in the Middle East and elsewhere, the company is involved in a joint venture with Foster Wheeler to provide services to QatarGas Operating Company.
Brown says he intends to build on the strategy pursued by O'Donnell, who, reassuringly, will continue to advise Kentz for three years, and build up relationships with blue chip clients around the world. The company, which has a £45 million two-year liquefied natural gas (LNG) project contract in Papua New Guinea and a much larger LNG contract with oil giant Chevron offshore Western Australia worth a potential £531 milion over five years, has also been building up business with large mining groups, which, says Brown, are continuing to spend on projects.
House broker Investec sees Kentz showing pre-tax profits up 16.5 per cent to $678.8 million for 2011, with £88.4 million on the cards for this year and $103.3 million in sight for 2013. Recommended by Growth Company Investor at 184.5p in 2008 and more recently at 470p, Kentz shares now trade at 443.5p, valuing the company at £516 million and yielding 1.8 per cent.
They should regain more lost ground if Brown spots the right deals.
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