* Year revenue, profit slightly above consensus estimates
* CEO Hugh O'Donnell resigns
* COO Brown to become CEO effective Feb. 1
By Tom Bergin
LONDON, Jan 20 - Oil industry engineering
and construction provider Kentz named a new chief
executive on Friday and told investors 2011 results would be
slightly ahead of market expectations.
The company said chief operating officer Christian Brown
would replace Chief Executive Hugh O'Donnell as of Feb. 1, who
grew the group from a small Irish-based group to a $830 million
international player over the past 12 years.
Brown joined Kentz last year, after a 20 year career with
KBR and Foster Wheeler, as part of a rash of high level
appointments. Emphasising the group's continued overseas growth
ambitions, Brown will be based in Houston.
Analysts at Morgan Stanley said the leadership changes also
suggested the company would "increasingly look for bolt-on
acquisitions going forward".
The company's order backlog of $2.4 billion at the end of
2011 was up 50 percent from December 2010, aided by new awards,
Kentz expects development to continue in Russia, Australia
Analysts at Evolution Securities raised the company's shares
to "buy" from hold.
Shares of the company, whose clients include oil giants such
as Exxon Mobil, traded down 1.1 percent at 1017 GMT, in
line with the drop in the STOXX Europe 600 Oil and Gas index