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Penspen Reports $104 Million Worth of New Contracts Awarded in Second Half of 2023

Penspen today announces a strong finish to the fiscal year with $104 million awarded in new contracts during the second half of 2023 – – a 28% increase from the first half of 2023.

Contract Highlights:

  • 34 new contracts with a total value of $90.8 million from our Middle East & Africa and Kingdom of Saudi Arabia Regions, including project management supervision and consultancy services for major national oil companies, asset integrity consultancy services for onshore and offshore energy assets, and engineering design consultancy services for new and existing onshore and offshore energy assets.
  • 97 new contracts with a total value of $11.1 million from the European Regions, including engineering design services for hydrogen and carbon capture infrastructure, gas network maintenance services, gas transmission pipeline integrity frameworks, and fuel management engineering services.
  • 32 new contracts with a total value of $2.1 million from the North American and Latin American Regions, including asset integrity inspection services, risk-based inspection services, corrosion management services, operations management for brownfield assets, and electrical interference studies.

“As we close the chapter on 2023, we are pleased to announce we have had another strong year of sales across all our regions, with 30% year-on-year sales growth. Our team’s dedication to providing high-quality engineering services and innovative solutions to meet our clients’ requirements has not only fuelled our growth but has also enabled our clients to get the most from their assets in a very dynamic energy marketplace,” said Peter O’Sullivan, Penspen CEO.

“Our dual focus on maximising the life of existing infrastructure to ensure the security of energy supply today, whilst also helping to build new infrastructure to deliver the sustainable energy of the future means we are well positioned to support our clients as they navigate the energy transition.”

Neale Carter, Executive Vice President for the Middle East, Africa and Asia Pacific Regions, added: “The MEA and KSA Region teams have delivered continued strong commercial and operational execution during the second half of the year, resulting in another period of outstanding sales performance. Our clients know that they can trust our strong engineering capabilities and our proven ability to deliver best-in-class quality to demanding timelines. In 2024, we reaffirm our commitment to helping our clients develop new energy assets, improve the productivity and efficiency of existing assets, and ensure maximum returns on their investments.”

For media enquiries, please contact:

  • Roxie Nilsson, Global Director of Marketing & Communications, Penspen: r.nilsson@penspen.com