- Bloomberg•2 years ago
Kentz Corp. (KENZ) , an Irish oil-engineering company, said it will revise its policy on directors’ pay after shareholders voted measures down at the annual general meeting. The changes would allow “emergency payments which might not otherwise be set out” in the policy and gives the renumeration committee “discretion to pay additional benefits in exceptional circumstances,” according to the company’s 2013 annual report. “The issue is that shareholders object to a clause in the remuneration report about the company having discretion to make additional payments based on unforeseen or exceptional circumstances,” Alex Brooks, an analyst at Canaccord Geunity Corp. in London, said by phone.
- Reuters•3 years ago
British engineer Kentz said on Monday it had agreed to acquire U.S.-based Valerus Field Solutions for $435 million in cash, to expand its engineering capability and presence in Latin America. Kentz, a specialist construction company focused on oil and gas, mining and infrastructure, which was itself a takeover target earlier this year, had long said it wanted to grow its engineering arm in order to bid for more engineering, procurement and construction (EPC) contracts. "We've found a very strong and agile business with a strong culture that fits our own, so we're pleased to have found it," Kentz Chief Executive Chris Brown told Reuters. Brown said the acquisition would give Kentz access to the U.S. market for both conventional oil and shale, as well as to Latin America, with Valerus established in Venezuela, Colombia and Mexico.