As part of its goal to become a full-service partner across the energy lifecycle, Dubai-headquartered engineering and services company Kent has signed a binding agreement to acquire Exceed (XCD) Holdings Limited, a Scottish provider of well management, subsurface and decommissioning engineering services.
According to Kent , this acquisition marks its strategic expansion in the fast-growing global decommissioning market, expected to double in size over the next decade, with spend expected to rise from $8 billion to $16 billion per year by 2035.
Headquartered in Aberdeen and with operations spanning over 40 countries, Exceed is one of three licensed UK Well Operators, having two decades of experience in delivering complex offshore well projects, with over 70 wells drilled and more than 150 decommissioned to date, the company said.
The UAE-headquartered firm further noted that the deal also unlocks significant opportunities in the energy transition space as Exceed is already repurposing reservoirs for carbon capture and hydrogen storage projects.
“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,” said Ian Mills , Managing Director of Exceed.
The transaction is expected to be completed later this year.
The acquisition is Kent’s second in recent months, following its entry into the data centre market through the purchase of Sudlows Consulting.
“Our agreement to acquire Exceed is a bold step into the future of responsible energy operations,” said John Gilley , CEO of Kent. “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.”