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SNC-Lavalin completes sale of Resources Oil & Gas business

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Oilfield Technology,

SNC-Lavalin has said that it completed the closing of the sale of its Resources Oil & Gas business on 15 August, following receipt of Saudi Arabian regulatory approval.

SNC-Lavalin previously announced that it had closed the sale of a substantial portion of its Resources Oil & Gas business on 29 July pursuant to its binding agreement with Kentech Corporate Holdings Ltd. (Kentech) announced on 9 February 2021. The company indicated it expected full closing to be completed by the end of 3Q21.

“The closing of the sale of all activities related to our Resources Oil & Gas business allows us to focus our ongoing efforts on executing our strategic direction announced more than two years ago,” said Ian L. Edwards, President and CEO, SNC-Lavalin Group Inc. “Our business is now realigned on growing our high potential core Engineering Services, which includes the Engineering, Design & Project Management, Nuclear and Infrastructure Services segments.”

“We look forward to working closely with our employees, suppliers and clients to develop innovative solutions to engineer a better future for our planet and its people. I would like to thank all the Resources Oil & Gas employees for their dedication and hard work over the years, and wish them much success with Kentech,’’ added Edwards.

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