Company’s comprehensive engineering expertise helps improve energy access for communities worldwide
Penspen today announces a positive start to the fiscal year with $106 million awarded in new contracts during the first half of 2024, a 30% increase on the same period in 2023.
Key highlights:
- Middle East and Africa region: 19 new contracts with a total value of $80 million including study, FEED, detailed design, integrity assessment, fitness-for-service (FFS Assessment), project management supervision and consultancy service, and an energy transition framework agreement.
- UK and Europe region: 58 new contracts with a total value of $12 million including engineering design services for hydrogen infrastructure, gas network maintenance services, gas transmission pipeline integrity services, and fuel management and bulk storage modification engineering services.
- North America and Latin America: 31 new contracts with a total value of $13 million including projects for the implementation of integrity management systems, integrity advisory services for gas transportation systems paired with digital data management, corrosion monitoring services, evaluation of cathodic protection systems, and multi-contract field operations.
Peter O’Sullivan, Penspen CEO, said: “We are delighted to report strong growth in sales and revenues in the first half of 2024 across all regions. Our strategy to support our clients navigate the evolving energy landscape and to have a positive impact on their businesses and surrounding communities continues to deliver positive results.
“The first six months of the year, we have seen substantial growth in our asset integrity service line and our digital platform, THEIA, in Latin America, with the opening of our first base in Peru in March 2024 to support new contract awards. In the UK and Europe, we’re seeing a focus on strategic energy security work, including the repurposing of critical infrastructure for hydrogen and the development of distribution and transmission networks for future fuels, while we continue to experience growth in our aviation fuelling portfolio. Indeed, in this region our engineering and project management service line work is now split almost evenly between energy transition and energy security scopes.
“Using our extensive expertise in engineering, project management, asset management, asset integrity, and digitalisation, we are well positioned to deliver projects which support decarbonisation in all our key markets.”
Neale Carter, Executive Vice President – East Region, added: “Penspen’s regional business continued to record a strong commercial and operational performance during the first half of 2024, delivering on our commitment to support our clients develop new energy assets, improve the productivity and efficiency of existing assets, and ensure maximum returns on their investments.
“Our presence in the Middle East has been strengthened by the growth of our workforce in the Kingdom of Saudi Arabia, where we have witnessed increasing demand for our engineering and project management services on both new and existing energy projects since opening our regional headquarters there in 2023.
“It is clear that our team’s dedication to providing high-quality, innovative consultancy services that address our client’s most challenging requirements is not only contributing to the successful growth of our business, but supporting energy security, supply and affordability both nationally and internationally.”
For media enquiries, please contact:
- Mike Newby, Energy PR: mike@energypr.co.uk
