IMO Director Integration Update 21 March 2021

The IMO and Separation planning has progressed with pace. Last week we completed the joint workshop to begin to establish the Transition Service Agreement (TSA) to ensure a seamless transition for the New Co Day 1. The TSA will cover all current Business as Usual (BAU) services for all employees and projects coming across to the new co. It helps to mitigate large impacts of change on Day 1 and allows us to build a fit for purpose support strategy that integrates with excellence over 12 months, instead of trying to eat the whole elephant on Day 1. The aim will be in the first 100 Days to build out systems and processes through collaboration and engagement, starting the cultural journey as an organization and embedding sustained incremental change effectively.

Key deliverables for Day 1 are standing up business critical activities, such as crisis management protocols, core governance and compliance, ensuring our people have been transitioned to the new co organization including a clear understanding and alignment with individuals on compensation and benefits, empowering business development teams to hit the ground running, re-brand and establishing effective communication channels and programs with all stakeholders including Day 1 comms, all with as minimal disruption as possible to the current BAU operations.

These plans have been developed and will be passed to the steering committee for approval in the following weeks. This is a key deliverable in the run up to Day 1. The next key focus will be the agreement and formalization of the TSA’s, synergy alignment, identifying and agreeing key cross functional interdependencies and working through the Day 1- 100 planning.

Both teams are excited and have now landed, leaning into each other to deliver a safe, confident and effective experience for all stakeholders. The journey continues!

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On Tuesday 9th February 2021, we announced an agreement to acquire the oil & gas business of SNC-Lavalin’s Resources Division.

This business includes people and assets brought together through their acquisition of the Kentz and other energy services businesses. This transaction marks an exciting, ground-breaking development for Kentech to reinforce our position as a leading integrated energy services provider and introduces us to the renewable / clean power marketplace. We now move forward together with a global network of more than 10,000 professionals united by a commitment of common values and strong partnerships with clients from across the world.

By investing now, we are strategically positioning the company to take advantage of the next cycle of growth.

Our complementary businesses will join forces, creating a stronger offering across the full asset life cycle – from consulting to design and build, commissioning and start-up, through to maintenance, modification and turnaround, as well as decommissioning services.