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Kentz Corp’s relationship with Qatar Petroleum (QP) dates back to 1997, when Kentz was first awarded a contract with QP for engineering, procurement and construction. This latest contract should see Kentz push 2013 revenues above the 2012 figure of $1.56 billion and improve on profits of $104.8 million.
The Dukhan oilfield project based in Qatar will involve the maintenance of 775 wells in the Middle East. Kentz’s current staffing numbers of 600 could rise to a total of 800 on the back of this news.
Kentz have been a well-backed company by institutional analysts, with eight out of nine having them as a strong buy. Solid improvement in the company’s net income since the lows of 2008 does hint towards better times ahead.
The recent trading update has also stated that 2013 should see double-digit growth backed by $1.8 billion in orders obtained in the first ten months of the year. The firm also has $3 billion of backlog in the pipeline, an improvement in the $2.57 billion from 2012.
However, with the fluctuations in cash being derived from operating activities that are still swinging wildly, the firm has further improvements to make.