An oil and gas engineering group is to keep its independence after fighting off takeover interest from British and German rivals.

Shares in the Ireland-founded international engineering services group, Kentz, fell by almost 10% yesterday, after one of the two companies linked to a takeover of the firm withdrew its interest days before the final deadline for binding offers.

Clonmel-founded engineering group Kentz is subject to takeover speculation linking British engineer Amec to an £800m (€938m) bid as Amec attempts to grow its oil and gas division.

Irish-founded international engineering services group, Kentz has said that its cash position has remained strong into 2013 and provides “considerable financial flexibility” to support the group’s strategic growth plans.

With a blue chip client base of some of the world’s top oil, gas and mining companies, and with its work backlog valued at $2.73bn, engineering group Kentz is confident about its growth plans, CEO Christian Brown tells John Daly

Engineering group Kentz Corporation revealed in a trading update to the London Stock Exchange that it has more than $2.5bn (€1.8bn) of contracts on its books.

An engineering solutions business headquartered in Clonmel, Co Tipperary, has posted half-year profits before tax of €40.8m.

Specialist engineering company Kentz has an order book of $2.44bn (€1.85bn) and recorded an 18% rise in pre-tax profits to $79.4m (€59.4m) last year, the company has disclosed.

HUGH O’DONNELL is to stand down as chief executive of Kentz — the Irish-founded construction and engineering services group — next month, after 12 years at the helm.