Air Energi Group has completed a significant acquisition in the form of Kitco. Under the terms of the transaction, Air Energi has acquired the operating assets of the Kitco business to establish the only provider of end-to-end local and expatriate manpower 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 per cent of the global offshore shipbuilding market by value. To date, every floating liquefied natural gas (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. Crucially, 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.