SNC-Lavalin announced that it had finalized the sale of its Resources Oil & Gas business on August 15, after receiving regulatory approval from Saudi Arabia.
SNC-Lavalin previously announced that it completed the sale of a significant portion of its oil and gas resources business on July 29 in accordance with its binding agreement with Kentech Corporate Holdings Ltd. (Kentech) announced on February 9, 2021. The company has indicated that it expects full closure to be completed by the end of 3Q21.
“The closing of the sale of all activities related to our Resources, Oil and Gas business allows us to focus our continued efforts on implementing our strategic direction announced over two years ago,” said Ian L. Edwards, President and CEO, SNC-Lavalin Group Inc. “Our business is now realigned with the growth of our high potential core engineering services, which include the engineering, design and management segments of project, nuclear services and infrastructure. ”
“We look forward to working closely with our employees, suppliers and customers to develop innovative solutions to create a better future for our planet and its people. I would like to thank all the employees of Resources Oil & Gas for their dedication and hard work over the years, and wish them every success with Kentech, ”added Edwards.
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