Air Energi, a provider of workforce solutions for the oil and gas industry, has acquired South Korea-based Kitco, which supplies manpower, training, accommodation and procurement services.

Kitco CEO Won Seong Choi will lead the integration of the new entity, Air Energi Kitco.

South Korea accounts for 48% of the global offshore shipbuilding market by value and all floating liquefied natural gas (FLNG) projects in the world are constructed in the country.

Kitco has access to a database of more than 600 oil and gas professionals, and will now offer mobility services, accommodation and procurement services by partnering with Air Energi.

Air Energi CEO Duncan Gregson said: "Kitco has built a fantastic business and a reputation for being the go-to player for oil and gas firms looking to resource projects in the region.

"This acquisition marks a major milestone for the Air Energi Group, provides a solution to the challenge of finding suitable accommodation for expatriate workers and gives us first-mover advantage over our international peer group in what is a burgeoning market."

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Mr Choi 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."

Image: Executives of Air Energi and Kitco. Photo: courtesy of Air Energi.

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