Kent, a global integrated energy services partner, has signed a binding agreement to acquire Exceed (XCD) Holdings, a provider of well management, sub surface and decommissioning engineering services.

Exceed, based in Aberdeen, has over 70 wells drilled and over 150 decommissioned to date.

The acquisition positions Kent at the forefront of a market set to double in size over the next decade, with global offshore decommissioning spend expected to rise from $8 billion to $16 billion per year by 2035.

The deal also unlocks opportunities in the energy transition space, with Exceed already repurposing reservoirs for carbon capture and hydrogen storage projects.

The deal creates compelling synergies for both businesses, with Exceed gaining access to a global footprint and financial strength to pursue larger scopes across new geographies.