On April 2, 2002 KYE Limited purchased the 100% share holding in Odebrecht Engineering Teesside Limited (formerly SLP Engineering Teesside Limited). Odebrecht Engineering Teesside Limited has been re-named KYE Engineering & Construction Limited and will operate from the Odebrecht Engineering Teesside Limited facility at Dock Point, Middlesbrough under key members of its former management team.
The acquisition of Odebrecht Engineering Teesside Limited also included a significant share holding in the Lowestoft offshore fabrication company SLP Engineering Limited. The 40% share holding is part of the demerger of Odebrecht Oil & Gas Services Limited.
KYE Limited Shareholders and Parent Company ADAMAC Industries Limited is a Nigerian based conglomerate with a consolidated revenue base in the 2001 financial year in excess of $1.3 billion Dollars (US).
ADAMAC Industries Limited working over the past three years with KYE Limited has secured over $1.1 billion dollars (US) of engineering and construction contracts with major Oil & Gas Exploration Companies operating in West Africa such as Shell, Exxon-Mobil and Chevron. Over $150 million dollars (US) value of such work has been allocated for KYE Limited to be executed by its various KYE Engineering & Construction subsidiaries at their global facilities over the next twenty-four months.
Some of the major EPC contracts secured which involve KYE Limited are:
The contracts awarded to our Parent Company by the West African Oil & Gas Industry will signify the start of major investment and expansion program by KYE Limited supported and financed by its Parent Company ADAMAC Industries Limited.
KYE has concluded the purchase of an Engineering Technology Center on Teesside. This will provide world class design, engineering and project management services that will support its Parent Company ADAMAC Industries Limited in technology skills transfer for their West African business and KYE Limited global businesses.
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