Air Energi Group has acquired the operating assets of Kitco, a leading supplier of manpower, training, accommodation and procurement services in South Korea.
Kitco’s CEO, Won Seong Choi, will lead the integration of the new entity, Air Energi Kitco.
Home to three dominant shipbuilders, South Korea’s shipyards account for 48% of the global offshore shipbuilding market by value. To date, every floating LNG (FLNG) project worldwide is scheduled for fabrication in the country. Currently supporting more than 600 oil and gas professionals, Air Energi Kitco will provide local staff and expatriates compliant to mandated requirements, together with global mobility services, accommodation and procurement services. The company has exclusive arrangements with property developers that ensure access to high quality western-style apartments in key locations such as Ulsan and Geoje.
The acquisition builds on the Group’s experience in the FLNG sector and across the oil and gas supply chain, while providing a springboard for further expansion into North Asia.
Mr Choi, CEO, Air Energi Kitco, said: “This acquisition marks an important new chapter for our company as we continue to see an increasing flow of work coming into the shipyards of South Korea […] Being part of the Air Energi Group means we have greater access to project-based opportunities and international markets, as well as oil and gas professionals with highly sought-after skills. I am looking forward to leading the integration of our businesses, which makes us the only in-country supplier of complete workforce solutions able to provide our clients with greater control of their workforce requirements and unrivalled quality of service.”
Adapted from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/floating-lng/06082014/air-energi-acquires-kitco-1159/