Kent has struck a deal to acquire Aberdeen-headquartered Exceed (XCD) Holdings in a move designed to strengthen its hand in the fast-growing offshore decommissioning market.
Exceed, which has operated in more than 40 countries over the past two decades, specialises in well management, subsurface and decommissioning engineering.
The business is one of only three licensed UK Well Operators, with over 70 wells drilled and more than 150 decommissioned to date.
Kent chief executive John Gilley said the acquisition was “a bold step into the future of responsible energy operations.”
He added: “Exceed’s specialist capabilities in well and reservoir management, coupled with their strong reputation in decommissioning, complement our vision of offering full lifecycle services to our clients.
"Together, we will be uniquely positioned to help the industry navigate energy security, net-zero mandates, and the safe retirement of offshore assets.”
Industry analysts expect global offshore decommissioning spend to double from £8billion a year to £12billion by 2035.
Kent said combining its global platform with Exceed’s track record would allow it to meet demand for “safe, compliant and cost-effective end-of-life solutions” for oil and gas infrastructure.
The company also pointed to opportunities in the energy transition, with Exceed already repurposing reservoirs for carbon capture and hydrogen storage.
Ian Mills, Exceed’s managing director, said: “We’ve built Exceed over 20 years with a commitment to technical excellence, innovation and client trust.
"Joining forces with Kent is the natural next step. It gives us the financial backing and global reach to scale our expertise to new markets and opportunities, while preserving the same culture, entrepreneurial spirit and values that define us.”
The transaction is expected to complete later this year.
It is Kent’s second major deal in recent months, following its entry into the data centre market through the purchase of Sudlows Consulting.